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query!

Tax queries 929 views 3 replies
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CA Final
121 Points Posted on 27 February 2008

dear friends!

i want to know is director and his family's travelling expenses can be debited to p&l A/c..

i also wantto know the tax treatment..

thanks

 

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On 27 February 2008 at 10:47 Report
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Guest
460055 Points Posted on 27 February 2008
Hi, Its not possible only official expenses are to be debited to P&L A/c . In what context you are asking about tasx treatment ?
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On 27 February 2008 at 10:56
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CA Final
121 Points Posted on 27 February 2008
actually the trip may be official then it should be debited to p&l butwhat about family expenses..on travelling with director
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On 27 February 2008 at 11:01
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Service
1461 Points Posted on 27 February 2008
Practically it is dr. to profit and loss account. Onus is on you to proof that expenditure are for business purpose. Note that FBT will be attracted as usual. You can also pass a special resolution where by you can get approval that travelling expense will be reimburse by company.
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On 27 February 2008 at 11:04


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