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BUSINESS EXPENDITURE

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(Querist)
17 December 2008 House hold withdrawls of owners was drawn from current account of the business. How this expenditure will be treated for taxation purpose?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
18 December 2008 Withdrawl for personal expense is to be w/off to the capital account of the proprietor or partner, as the case may be.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 December 2008 Nothing more to add except for the word w/off it may be read as debited.
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