65. Amount or rate for allowance of entertainment expense

65. Amount or rate for allowance of entertainment expense. ----      

For the purpose of section 30 (f) (i) of the Ordinance, the amounts or rates in excess of which no deduction shall be admissible for expenditure in respect of entertainment are specified below :-
(a) On the first take  10 lakh of income, profits and gains of the business or profession (computed before making any allowance in respect of expenditure on entertainment)...   at the rate of 4%;

(b) On the balance of income, profits and gains of the business or   profession (computed in the manner aforesaid)... ..at the rate of 2%]

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1.Subs. S.R.O.No.154-L/93,dt. 05-08-1993

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