CBDT issues circular, clarifies that Sec 14A expense disallowance applicable even where taxpayer has not earned exempt income in that particular year; Circular cites use of the term "includible" in heading to Sec 14A & Rule 8D and use of words "income under the Act" u/s 14A instead of "income of the year"; Legislative intent is to allow only that expenditure which is relatable to earning of income. (To view Circular 5/2014 dated 11-02-2014 Click Here )
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» CBDT circular on Application of Sec 14A & Rule 8D Circular 5/2014 dated 11-02-2014
CBDT circular on Application of Sec 14A & Rule 8D Circular 5/2014 dated 11-02-2014
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