expense aalowance/disallowance
This query is : Resolved
03 August 2009
In a Pvt. co., the actual education expenses of a directors children are reimbursed are taken as an expense in the P & L a/c of the company.
is this correct?? they state that they are paying FBT on it and taking it under staff welfare, hence expense should be allowed.
what are the repurcussions under the Income Tax Act & The companies act?
is this correct?? they state that they are paying FBT on it and taking it under staff welfare, hence expense should be allowed.
what are the repurcussions under the Income Tax Act & The companies act?
03 August 2009
If they are treating it as Employees Welfare and have paid FBT on thesame then no mattert in Income Tax.
But as per Companies Act It is not allowd to book Directors personal expenses in P & L A/c.
If such expenses are paid as percusits and included in salary then no matter.
But as per Companies Act It is not allowd to book Directors personal expenses in P & L A/c.
If such expenses are paid as percusits and included in salary then no matter.
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