We have frequent business guest visits at our company.
We usually pay their Hotel Bills, Food Bills and Liquor Bills and obtain all bills with or without our comapny name. Many Restaurants/Bars does not provide bills with our Company name.
In this case, how to Account this expenses in our Tally ERP 9. Also whether is this allowable expenses in Income Tax?
eg. Rs.1200 paid to Crimsson Bar
Rs.1200 Paid by Cash or Directly from Company Debit Card to Crimsson Bar.
Under which head we should enter this expenses.
Right now we are using as Guest Conveyance Expenses. Is it right or not?
CAclubindia
