a proprietor has taken club membership(club Mahindra) in his wife's name and wants to show the same as business expense and as well as wishes to avail service tax credit of the service tax paid on the membership.Is it feasible? What are the Income Tax implication of the same? In case of accounting,should it be charged off in the year of expenditure or else should it be charged off over a period of 25 years of membership?
CAclubindia
