Question

hi, i am wondering as a lawyer, will it be deductible to frame the master degree...

hi, i am wondering as a lawyer, will it be deductible to frame the master degree certificate to hang it in home office?

Homework Answers

Answer #1

As per Indian law Income Tax Act, 1956 us/ 37(1) any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, “Profits and Gains of Business or Profession”.

So we can say that to frame the master degree certificate to hang it in home office will be deductible if it helps in pursuing the business or profession.

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