Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

durgaprasad (accounts executive)     12 October 2016

Proprietor foreign tour expenses

One of the Business concerned proprietor has gone to abroad for personal visit. Can We take this expenses as Entertainment expenses in the business income, Whether it is allowable u/s IT act . If we not taken as entertain expenses, how can we show that the tour expenses


 4 Replies

CA Srujann kumar Reddy

CA Srujann kumar Reddy (Asst Manager(Internal audit))     12 October 2016

no if it is personal visit that amount is personal in nature and will be dissalowed under section 37 of income tax act
CA Srujann kumar Reddy

CA Srujann kumar Reddy (Asst Manager(Internal audit))     12 October 2016

show it as a part of drawings from capital instead of claiming as expenditure
Kajal Jain

Kajal Jain (Freelancer-Chartered Accountant)     12 October 2016

if u can show any connection between the trip of the proprietor and the business...thn claim it as business expenditure..
durgaprasad

durgaprasad (accounts executive)     12 October 2016

Thank you for your valuable response of my query......... Thanks a lot.....!!!


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags