one of the partner withdraws cash Rs. 25000/- Per Month as personal expenses ?
Q- Sec 40A(3) shall apply to the firm ?
Q- if the firm is a proprietorship concern then Sec 40A(3) shall apply ?
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Sec 40A(3)
Replies (2)
Hi,
Personal expenses goes to drawings account..... if it comes to the P&L, first of all it will be disallwed U/s 37 itself.
So there will be no disallowance u/s 40A(3)
And 40A(3) applies to all the assessees who carry on business or profession, it does not depend on the constitution of the "person"
No section 40A(3) will not applicable at all in this case
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