ICICI

Directors personal exp.


Rajendra Sewda (none)     26 June 2019

Rajendra Sewda
none 
 77 points

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Respected Members,

what type of legal compliance to be kept in mind in following transaction

- Rent & electricity bill of Pvt Com.'s Directors paid by company and book as expenses.

Thanks

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Dipesh Jha (PRACTICE )     26 June 2019

Dipesh Jha
PRACTICE  
 26 likes  480 points

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The said expenses should be disallowed under income tax act😊

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Aditi Ray (Manager)     27 June 2019

Aditi Ray
Manager 
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Raj C Doshi (Practising CA)     29 June 2019

Raj C Doshi
Practising CA 
 158 likes  2288 points

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If the premises are used for business,you might still charge it to P/L as rent and electricity expense and if required disallow some portion under income tax computation. another option is you can club it as remuneration paid to director and structure the remuneration in such a way that director can avail house rent allowance exemption atleast.

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Pranav Worlikar   01 July 2019

Pranav Worlikar

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that expenses are disallowed


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