I am properietor of the sole propereitory company. For the purpose of increasing business leads as well as taking my visiting clients from US for entertainment, I plan on joining a club for Rs. 10 lacs. My yearly net profit is only around Rs. 6-7 lacs if it is allowed my return will go in minus!
I am not sure what are the implications of the same for me ? Does it get deducted as expenses from Profits ? Does it get deducted anually amortised over a few years ?(If yes, how many!?) etc.
CAclubindia
