Personal expenses treatment under IT
This query is : Open
27 September 2017
Can I route personal exp such as school fees, household expenses to capital account instead of profit and loss a/c But if I do that will I still have to disallowed the same in computation of income
27 September 2017
Route those expenses through capital ac being person in nature. No disallowed the same in computation of income.
27 September 2017
if I disallowed expenses the tax would be more if i not its like I'm not offering personal expense to tax
27 September 2017
You have to dis allow the such expenses only when it is charged to P&L.
27 September 2017
OK, thank you sir
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