Treatment of expendiutre in income-tax & companies act
This query is : Resolved
23 September 2012
A private limited company purchased Two high breed dogs for an amount of Rs.1.60 lakhs.The daily feed and veterinary expenses are debited to P&L A/c as Office Expenses.The cost of Dogs is debited to P&L A/c as " Watch and Ward". The main object of the Company is Manufacturing of Goods. Pl. advise the correct treatment of these expenses.The management says it is for the security of the Factory.
CA. Sunil Kumar
(Expert)
23 September 2012
The treatment of Company is absolutely right.
23 September 2012
Yes it is right, if there is no wrong intention.
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