If there any limit for amount to show under office expenses. Any specific rule for office Expenses. plz assist
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Quick Summary
There are generally no specific limits for most office expenses, which can be claimed based on actual payments made. However, for cash payments, it's advisable to keep them below £10,000 per person per day per expense to avoid potential disallowance under income tax rules. While management has internal controls, be mindful of how expenses are bundled, as certain arrangements might attract specific tax regulations like 194C.
Office expenses can be based actual payments made . Limit is not prescribed . But you see a contractor providing stationary , staff welfare , Puja exp , birth day party celebrations etc all in one roof . 194C may come only in few cases