28 October 2014
hello experts..
i have one doubt..
suppose if three business are running from single place i.e they have same factory same godown same office..
let it b two proprietorships & one partnership. the expenses so incured are not recorded saperately i mean they are recorded as whole.. now how to allocate the expenses to three of the businesses.. can income tax officer ask for justification if scrutiny cums up for expenses allocated on estimation
28 October 2014
you can allocate expenses as per your size of business based on transactions,turnover etc.you may seggregate into 1:1:1 or 2:1:1 as the case may be.
CAclubindia
