Personal expenses and refresh expenses for it
This query is : Resolved
16 September 2021
Sir,
It assess net profit as per profit and loss account rs:5,50,615/-in f.y.20-21
Add: estimated personal expenses rs:10,000/-(personal expenses rs:1,50,000/- debited to capital account
Add:sadar (refreshment) expenses rs:5200/-debited to profit and loss account.
Total taxable income rs:5,65,815/-show in itr in f.y.20-21.
Question:
Assess sadar( refreshment) expenses and personal expenses not allowed in it act.
It assess net profit as per profit and loss account rs:5,50,615/-in f.y.20-21
Add: estimated personal expenses rs:10,000/-(personal expenses rs:1,50,000/- debited to capital account
Add:sadar (refreshment) expenses rs:5200/-debited to profit and loss account.
Total taxable income rs:5,65,815/-show in itr in f.y.20-21.
Question:
Assess sadar( refreshment) expenses and personal expenses not allowed in it act.
17 September 2021
For any business entity, any personal expenses not allowed, but refreshment expenses allowed to certain limit.
17 September 2021
limit for refreshment expenses in it act
17 September 2021
The answer provided is for business expenditures, not the same in employees hand.
For employee any Tiffin/Lunch/Dinner /Refreshment Allowance given is fully taxable.
For employee any Tiffin/Lunch/Dinner /Refreshment Allowance given is fully taxable.
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