Personal expenses including sole proprietorship firm
This query is : Resolved
03 May 2024
Sir,
Assessess running a proprietorship firm personal expenses rs:1,20,000/- lacs
Question:
Personal expenses including total amount rs:1,20,000/- or 1/15 share amount including sole proprietorship in itr.
Assessess running a proprietorship firm personal expenses rs:1,20,000/- lacs
Question:
Personal expenses including total amount rs:1,20,000/- or 1/15 share amount including sole proprietorship in itr.
03 May 2024
what is 1/15 share here?
03 May 2024
total amount or 1/5 th
03 May 2024
what is 1/5th here...where is this percentage coming?
03 May 2024
sir, assessess personal expenses rs:1,20,000/- 1/5 personal expenses amount including added profit in sole proprietorship firm is correct
03 May 2024
see, if it is a personal expense, and you know it, none of it should be included in the expenses unless you can show that it is an expense incurred for business purpose. This decision should be based on specific expenses. Do not use a random percentage of expenses being apportioned as business expense.
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