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+--- Thread: Answer the Question:: (/thread-answer-the-question)
Answer the Question:: - Muhammad Adnan Arshad - 05-27-2004
Friends!
Is there anyone who tell me about the difference b/w(between) the "Deductible Allowances" & "Allowable Deductions"?
Tell me the answer or simply write down their definitions,if any.
<"A realm of control">
- Zubairi - 06-10-2004
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Friends!
Is there anyone who tell me about the difference b/w(between) the "Deductible Allowances" & "Allowable Deductions"?
Tell me the answer or simply write down their definitions,if any.
<"A realm of control">
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
In income tax there are certain expenses which are not allowable generally. A allowance is made/allwoed for these and therefore called dedctible allowance. A common example is depreciation.
The expenses which are usually allowable, are grouped/termed as allowable deduction. eg. salaries, wages, purchases
THE ONE
- KJK - 09-01-2004
There is no difference in these two.It is rather to make confuse the student "Deductible Allowances" & " Allowable Deductions ".
If you are confused then please give me an example from which I could tell you.
- aamersikandar - 09-03-2004
Hi
Allowable deductions are the deductions listed in Ordinance which a business can deduct. These are listed in the start of chapter on business income i.e. salaries (subject to conditions), direct expenses, depriciation etctera. Deductable expenses are specific expenses notified by CBR byname, which can be deducted like WWF, Workers profit participation fund etctera which are statutory in nature.
Hope this shall clarify the point else email me at [email protected]
Aamer Sikandar
- Ali Akbar - 10-11-2004
hay friend
yes there is very clear difference between deductible allownce and allowable deduction.
Allowable deductions are the expenses which are allowed under Income Tax Ordinance 2001 e.g salaries, rent etc. ALLOWABLE DEDUCTIONS ARE ALLOWED AS A RIGHT OF TAXPAYER.
Deductable allownce are deducted from total income(income less allowable deductions) like zakat, wppf,wwf. DEDUCTABLE ALLOWNCE ARE ALLOWED AS A CONCESSION TO THE TAXPAYER.
I hope u will be satisfied by this reply, although the reply is too late