Exclusion or Disallowance of Personal Expenses
This query is : Resolved
17 May 2023
Respected Experts,
While Preparing a Financial Statements ( Eg: for Proprietary Concern)
On what Basis we can exclude the Personal Expenses being added to the P&L
Example: An Assessee has a own a Car for which he uses for both Business commuting and Personal Purposes
How to bifurcate the Fuel Expenses of the Car in to P&L account and Personal Drawings since it is used for both business and Personal use.
If the Entire Fuel Expenses included in to the P&L, then on what proportionate we shall disallow them in the final computation. Kindly advise
While Preparing a Financial Statements ( Eg: for Proprietary Concern)
On what Basis we can exclude the Personal Expenses being added to the P&L
Example: An Assessee has a own a Car for which he uses for both Business commuting and Personal Purposes
How to bifurcate the Fuel Expenses of the Car in to P&L account and Personal Drawings since it is used for both business and Personal use.
If the Entire Fuel Expenses included in to the P&L, then on what proportionate we shall disallow them in the final computation. Kindly advise
17 May 2023
15% of expenses disallowed for personal use
19 May 2023
Thank You so much Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Copyright software
- Form 121 & TDS deduction
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Transporter Declaration form
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
