Personal expenses and refresh expenses for it
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.
Assess sadar( refreshment) expenses and personal expenses not allowed in it act.
For employee any Tiffin/Lunch/Dinner /Refreshment Allowance given is fully taxable.