The CBDT has issued Circular No. 5 of 2014 dated 11.02.2014 in which the
issue as to whether disallowance under section 14A and Rule 8D can be
made in cases where the corresponding exempt income has not been earned
during the financial year has been considered in great detail.
Vide this Circular, CBDT has clarified that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.
Vide this Circular, CBDT has clarified that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.
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