Expenses allow or disallow
This query is : Resolved
06 May 2010
Respected experts,
I found following expenses on the debit side of P & L A/C of a Pvt. Ltd. co. for F.Y. 2009-10:
1.House Rent Allowance
2.Prior year professional Tax of co.
3.Medical Reimbursement of Directors
4.Penalty charges
Whether it will be allowed as allowable expenses or not while computing computation of income as per B & P?
Reply......
I found following expenses on the debit side of P & L A/C of a Pvt. Ltd. co. for F.Y. 2009-10:
1.House Rent Allowance
2.Prior year professional Tax of co.
3.Medical Reimbursement of Directors
4.Penalty charges
Whether it will be allowed as allowable expenses or not while computing computation of income as per B & P?
Reply......
06 May 2010
1. house rent allowance will be allowed as a deduction.
2. professional tax payments will be covered by sec 43 B and will also be allowed on payment basis
3. medical reimbursement of directors will also be allowed. Amount in excess of Rs. 15000 will be taxed as salary in the hands of director
4. penalty charges will be disallowed u/s 37
2. professional tax payments will be covered by sec 43 B and will also be allowed on payment basis
3. medical reimbursement of directors will also be allowed. Amount in excess of Rs. 15000 will be taxed as salary in the hands of director
4. penalty charges will be disallowed u/s 37
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
