Full deduction of legitimate business expenditure is a key area of tax saving for business and professional assessees. Some items of expenditure are fully deductible; others only partially so; and still others not deductible at all. The deductibility also sometimes depends on how an expenditure is classified or presented.

The deductibility status of various items of business expenditure is governed not merely by the Income Tax Act, 1961 and the Income Tax Rules, 1962, but also by hundreds Press Notes, Circulars and Notifications in the official gazette, and thousands of decisions of the Supreme Court and various High Courts. What you therefore need to know is the settled deductibility status of different items of business expenditure. Never an easy task — till now.

This book by two of India’s leading taxation experts provides you all these answers which can save you hundreds of thousands in taxes on your business or professional income.

Here is how:

• Over 600 items of business expenditure are covered in an A to Z format to help you locate any item of expenditure you need — instantly.

• Each item of business expenditure is clearly described, along with its tax-deductibility status with relevant references to various Board Circulars, Notifications, Case Law, etc.

• In addition, the book contains relevant tax planning guidelines vis-a-vis different items of business expenditure.

This unique reference book is thus truly a tax-saving ready-reckoner for businessmen, taxation experts, tax advisers, companies and firms, chartered accountants, and all others dealing with the subject.

Ram Niwas Lakhotia is a well-known authority on taxation in the country. He is a regular writer and editor of several books on Income-tax, Vegetarianism and also Humour. His various books have seen over 500 editions so far. He regularly writes for leading newspapers. He had a brilliant academic career. He stood First Class First in both the Degree and Post-Graduate Examinations in Commerce. He joined the Indian Revenue Service and stood First in the whole of India in the I.T.O’s Examination.

As the founder Chairman of Rajasthani Academy, New Delhi he is active in social service and cultural activities. Every year he awards “Lakhotia Puraskar” of Rs. 1 lakh, declared by the Central Government as a National Award for the best writer in Rajasthani language. He is past District Governor of Lions Clubs International. As the President of Vegetarian Congress of Delhi he is spreading Vegetarianism for Health and Happiness. He is Trustee of several Charitable Trusts. He has addressed over 5,000 seminars & lecture meetings in India and abroad and conducted a very popular show “Tax Doctor” of Zee Business.