Tax Mohalla - Tax by KK

INTRODUCTION There are various incentives are provided to the exporters to make it simpler for them to compete in the international market in terms of cost, technology and infrastructural facilities. Following are the benefits available to exporters with respect to payment of import duty are as under – (a) Duty Entitlement Pass Book Benefit (DEPB) (b) Duty Draw Back Benefit (DDB) (c) Duty Exemption Entitlement Certificate (DEEC) also known as Advance License Scheme (d) Duty Free Replenishment Certificate (DFRC)

Question Whether expenditure on foreign education of director’s son deductible. Answer Prima facie expenses are not deductible since personal expenses. But if it is proved that this expenses is incurred wholly and exclusively for the purpose of business then it is allowed as deduction under section 37.