I have a corporte client. The client (director of Private company) wants to send his son abroad for studies at the expense of the company. The son is ready to enter into an agreement to serve the company for a period of 5 years after the completion of his course and if he does not continue the job, he shall be liable to repay all the expenditure to the company.
Please tell the allowbility of the expenditure as per the Comapnies Act, 2013 and as per the Income tax Act, 1961.
CAclubindia
