Ms. Urrjja is running successfully the business of supplying &selling woolens on the digital
platform. She is keen to understand how business expenses are allowed under the Indian
Income Tax Act 1961. However, these days she is more concerned about whether there is
any provision under the Act which allows claiming deductions in relation to residuary
expenses.
As a knowledgeable person in taxation, how will you address the worry of Ms. Urrjja. Is
there any provision under the IT Act which allows to claim deductions of residual expenses?
If yes, how can she avail the benefit of the said provision for her business?

Answer in 1200 words with proper Introduction, Concepts, and Application related to the question and Conclusion.