03 May 2024
Sir, Assessess running a proprietorship firm personal expenses rs:1,20,000/- lacs Question: Personal expenses including total amount rs:1,20,000/- or 1/15 share amount including sole proprietorship in itr.
03 May 2024
see, if it is a personal expense, and you know it, none of it should be included in the expenses unless you can show that it is an expense incurred for business purpose. This decision should be based on specific expenses. Do not use a random percentage of expenses being apportioned as business expense.
CAclubindia
