F&O trading expenses which can be claimed as business expense

Taxation
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Can you help on these 2 queries:

  1. How exactly the IncomeTax people identify the expenses are related to business?
  2. Apart from the expenses mentioned in the article, any other expenses can be claimed?
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@Quicko can u update on this

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@Quicko please update on this

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Hello @ajay_kumar10

Please find the reply to your queries as below:

  1. ITD may ask for relevant proof and facts based on which they can identify whether the expenses incurred and claimed as business expense are actually incurred for business purpose. There is no rule for the same. However, the liability to prove that the expenses were incurred for business purpose always lies on the taxpayer.
  2. Yes, the article has only few examples of expenses that can be claimed. The list changes for every business.

Thank you.

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