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?
18 December 2008
This being a withdrawl for personal but non-business expense will have to be debited to the capital account of proprietor or the partner,as the case may be, as his withdrawl against the capital contribution into the business. Further, the expense is not an admissible expense to calculate the net profit from business.
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