If drawings is out of capital or profit:
10K is for those expenditures that are deductible in PGBP computation. However, drawings doesn't affect the computation. And 269ST is for transfer of money. Hence, IMO 269ST should apply here.
If drawings is out of salary or interest:
Yes, 10K limit will be considered as these are expenditure claimed as deduction by the firm.
Someone having another logic is welcomed.
What about your view about the query and the discussion...?
Cash payment to partners / proprietor above 10k available or not? If above 10k is not available then above 2lakhs not available.... If above 10k available then above 2lakhs is not restricted....
please give your valuable Solution... Also consider the query and the replies....
Guest
In my views: 1. Depend on the drawings out of profit or salary, etc. 2. Yes. 3. 2 lac is always restricted. For business expenses, it is 10K. What's your view?
CAclubindia
