Enlist at least six expenses which are expressly disallowed by the Income Tax Act while computing income from business and profession.
Expenses not deductible under business Profession : The following under the head profits and Gains from Business and profession—
- Excessive and unreasonable payment to relatives.
- Any interest, royalty, fees for technical services or other sum chargeable to tax under income tax Act which is payable (a) outside India or (b) to a non- resident in India (other than to a company (Indian or foreign) and on which tax has not been deducted at source or after deduction has not been paid before the due date specified u/s 139(i).
- Income tax, wealth tax or dividend tax paid.
- Interest paid for non-payment or delayed payment of advance payment of tax.
- Contribution towards unapproved Gratuity fund.
- Interest on capital or loan paid by a partnership firm to a partner in excess of 12% p.a. or the amount mentioned in the partnership deed (whichever is less)