23 July 2010
One of my friend was having tuition income of Rs. 65000.00 & Other Fees of Rs. 30000.00 in the F.Y. 2008-09. And in F.Y. 2009-10 she started contractor business and wish to file her income tax return. She wish to prepare balance sheet for the F.Y. 2008-09 for carry forward of Capital Account. Now my question is how much minimum personal drawing she will have to deduct from capital during the F.Y. 2008-09. Please help me it is urgent.
23 July 2010
it depends upon her status, family backgrounds, earning members of family contributing to household expenses, expenses on school going children, luxry goods she owns etc. etc.
24 July 2010
sorry pradip, due to non-availability of my spects, i could not read the amount properly. as there is no maximum or minimum limit for the personal expenses, you have to satisfy the AO considering my answer given in 1st instance. sorry again youngman
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