Allowable expence
This query is : Resolved
08 January 2016
The director of a logistic company wants to charge expenses incurred on studies of his son abroad on logistic management in its profit and Loss A/C. The director point of view is that, in future his son add benefits to the company . Whether the expenses will be allowable under income tax. And what will be the consequences under companies Act 2013.
Ankur Singhal
(Expert)
08 January 2016
Dear
This expense is not allowable under income tax.Rather he can claim deduction of any education loan taken by him in this regard in his ITR.
No such consequence in companies act 2013, but better to avoid show personal expenses in P&L under companies act also.
This expense is not allowable under income tax.Rather he can claim deduction of any education loan taken by him in this regard in his ITR.
No such consequence in companies act 2013, but better to avoid show personal expenses in P&L under companies act also.
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