According to Section 37 of the Income Tax Act, 1961, any expenditure not being the expenditure allowed under Sections 30 to 36 and not of capital or personal nature and which are expended exclusively for the purposes of the business or profession are allowed while computing the income from business or profession.
A very good article !!
A query: Is penalty for late filing of any return under GST laws, available as deduction under section 37?
GREAT POSTING!
THANK YOU FOR SHARING….