Preeti Agarwal
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[ Scorecard : 784]
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Posted On 22 May 2012 at 21:50
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Is Director's infant son's visa expenses--Business expenditure and is it allowable ?
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PRITAM JAIN, CA , CS
Practising CA CS
[ Scorecard : 368]
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Posted On 22 May 2012 at 21:57
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not at all. its a personal expenses......
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Preeti Agarwal
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[ Scorecard : 784]
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Posted On 22 May 2012 at 22:07
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Ya that i know !! but i mean whether it is allowed as business expenditure and how do we treat it in financial statements and also tell me the source of ur answer !!!
regards
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Preeti Agarwal
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[ Scorecard : 784]
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Posted On 23 May 2012 at 13:03
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plz also tell me regarding taxability in hands of directtor !!!
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PRITAM JAIN, CA , CS
Practising CA CS
[ Scorecard : 368]
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Posted On 23 May 2012 at 17:30
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Hi Preeti,
As you already know that it is a persoanl expenditure and therefore personal expendiure are not allowed under section 37(1) [numuorus case laws are available on it].
This will form part of Perquisite of Directors [Owen v. Pook (1969) 74 ITR 147 (HL)]. Personal benifits are treated as perquisites.
Hope i m clear now
Happy to help
Regards
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Preeti Agarwal
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[ Scorecard : 784]
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Posted On 23 May 2012 at 18:37
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Originally posted by : PRITAM JAIN |
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Hi Preeti,
As you already know that it is a persoanl expenditure and therefore personal expendiure are not allowed under section 37(1) [numuorus case laws are available on it].
This will form part of Perquisite of Directors [Owen v. Pook (1969) 74 ITR 147 (HL)]. Personal benifits are treated as perquisites.
Hope i m clear now
Happy to help
Regards |
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Yeah thanks !! "perquisite" was the word for my exact question..thanks sir
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