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.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
