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Prorietor ship firm

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poonam (Querist)
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07 February 2009 in case of Auditable Proprietorship Firm , Conveyance & Telephone Exps of Prorietor is allowable?

Jitender (Expert)
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07 February 2009 if it is wholly & exclusively for business ,then it is allowable.

Chirag B Shah

Chirag B Shah (Expert)
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07 February 2009 No, As the same is incurred for personal Benefit it will not allowable U/s.37(1)

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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07 February 2009 If its of Personal nature it should be debited to capital a/c and otherwise to income statement

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