This discussion explores the correct journal entry for New Year celebration expenses, suggesting it be treated as General Expenses. It also delves into the tax implications, noting that such expenses may not be deductible for income tax purposes under Section 37. The conversation further clarifies the distinction between direct and indirect costs, particularly regarding fuel and repair expenses for company vehicles.
@ Raja PM when a company takes a loan and after the PV received - issue costs for debentures and Preference shares is it the same applicable for vehicle loans? I dont recall issue costs are there for loan stocks and vehicle loans