Printable Business Tax Deduction List For Business
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FAQ
It is deductible if the expense is incurred for business purpose. Finance Costs ? If you take a loan for your trading business, you can claim interest on loan as deductible expense. Trading Expenses ? All charges and expenses that the trader pays for the purpose of trading, he can claim as valid business expenses.
Any Commodities Transaction Tax (CTT) paid in respect of the taxable commodities transactions entered into in the course of business is allowed as deduction. The amount paid as CTT on taxable commodity transactions and the income relating to this tax should have been included as business income.
All expenses that are not directly related to the business cannot be considered deductible. Costs such as the use of a car outside of business hours or a personal cell phone cannot be deducted. The same applies to other expenses such as rent.