Exclusion or Disallowance of Personal Expenses
This query is : Resolved
Quick Summary
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
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