Which of the following is necessary, for an expense to be deductible from business income?
A. The expense should relate to the previous year
B. It should have been incurred in con¬nection with the assessee’s business
C. Business, to which the expense is related, must continue at the commencement of previous year.
D. All of the above.
Answer:D
Which of the following is necessary, for an expense to be deductible from business income?
A. The expense should relate to the previous year B. It should have been incurred in con¬nection with the assessee’s business C. Business, to which the expense is related, must continue at the commencement of previous year. D. All of the above.