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Exclusion or Disallowance of Personal Expenses

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(Querist)
17 May 2023 Respected Experts,

While Preparing a Financial Statements ( Eg: for Proprietary Concern)
On what Basis we can exclude the Personal Expenses being added to the P&L

Example: An Assessee has a own a Car for which he uses for both Business commuting and Personal Purposes

How to bifurcate the Fuel Expenses of the Car in to P&L account and Personal Drawings since it is used for both business and Personal use.

If the Entire Fuel Expenses included in to the P&L, then on what proportionate we shall disallow them in the final computation. Kindly advise
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 May 2023 15% of expenses disallowed for personal use
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Accounts & Tax Consultant

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Accounts & Tax Consultant (Querist)
19 May 2023 Thank You so much Sir
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