Whether personal expenses of employees can be debited to profit and loss account as per companies act?
Query
(Guest)
5 Replies
abhishek bhatt
(CA student)
(136 Points)
Replied 30 December 2008
as per "entity concept" business is to seperable from businessman.so, only those exp. which are incurred in relation to businees are only allowed for deduction.
CA CS CIMA Prakash Somani
(Landmark Group)
(23512 Points)
Replied 30 December 2008
No, not at all. Its comes under perqusite and taxable to employee.
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