Denial of tax sop on exempt income spend causes anxiety

The provisions of the Income Tax Act provide that if an income is exempt in the hands of a taxpayer, any expenses in relation to such income are also not deductible. The need for the ‘clarification’ stems from the fact that in certain cases, courts have allowed the expenditure as a deduction in those years where there was no exempt income.

from Personal Finance News-Wealth-Economic Times https://ift.tt/hm9YLo13X