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Accounting of proprietory concern

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(Querist)
08 July 2015 I am doing proprietary business Can i draw amount for personal use from business more than net profit of business. pls guide e.g my net profit is Rs.100000/- & drawing is 200000/- pls guide
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
08 July 2015 then it will be reduction of your capital
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shamkant

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shamkant (Querist)
08 July 2015 But whether it will correct for income tax purpose. Will they raised any query.pls guide
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
09 July 2015 it is based on normal accounting practice and will not be disallowed in income tax
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