a small business assess it returns filed in f.y.20-21.but domestic expenses (personal drawings) rs:4,30,000/- debited to capital account in books. question: assess domestic expenses limit applicable in it act.
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Quick Summary
This discussion clarifies the treatment of domestic expenses, specifically personal drawings, within the Indian Income Tax Act. It addresses a scenario where Rs. 4,30,000 in personal drawings were debited to the capital account for FY 20-21. The consensus is that the Income Tax Act does not impose specific limits on personal drawings.