Personal Drawing

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Pradip (Querist)

23 July 2010 One of my friend was having tuition income of Rs. 65000.00 & Other Fees of Rs. 30000.00 in the F.Y. 2008-09. And in F.Y. 2009-10 she started contractor business and wish to file her income tax return. She wish to prepare balance sheet for the F.Y. 2008-09 for carry forward of Capital Account. Now my question is how much minimum personal drawing she will have to deduct from capital during the F.Y. 2008-09. Please help me it is urgent.

mohinder kansal

mohinder kansal (Expert)

23 July 2010 it depends upon her status, family backgrounds, earning members of family contributing to household expenses, expenses on school going children, luxry goods she owns etc. etc.

Pradip

Pradip (Querist)

24 July 2010 Thanks sir,
Is there any minimum limit? Actually she spent only Rs. 2000.00 per month approx.

mohinder kansal

mohinder kansal (Expert)

24 July 2010 dear pardip,

there is no minimum or maximum limit prescribed under law. but in my opinion Rs. 20000/- per month should be sufficient

Pradip

Pradip (Querist)

24 July 2010 Sir,
Please check your reply, is it Rs. 20,000.00 per month or per annum or it is Rs. 2,000.00 per month.

Thanks
Pradip

mohinder kansal

mohinder kansal (Expert)

24 July 2010 sorry pradip, due to non-availability of my spects, i could not read the amount properly. as there is no maximum or minimum limit for the personal expenses, you have to satisfy the AO considering my answer given in 1st instance. sorry again youngman

Pradip

Pradip (Querist)

25 July 2010 Thanks Sir,

Thanks for your valued suggestion.
Regards.
Pradip

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