deepak (C.A & C.S Final) (63 Points)
05 January 2012Suppose,I am a Director of a Pvt Ltd Company.
Apart from my Remunerations, I claim all my expenses ,for example Telephone,Electricity,Water Bills Expenses,etc which is related to my Personal Expenses.
I m getting a claim of all my Expenses i.e Company bares all my Expenses.
Is there any Provisions which i am Abiding From Income Tax Act,1961?
If yes,than What and If i am within the Act,then what are the Limitations?
Pleases mention the same?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 05 January 2012
As per my knowledge, the above mentioned reimbursed expenses shall be included in your salary income and shall be taxable in your hands. You are not abiding any provisions and also there are no limitations to the provisions of the Income Tax Act, 1961.
Regards,
Devendra Kulkarni
CAclubindia
