Respected Members,
what type of legal compliance to be kept in mind in following transaction
- Rent & electricity bill of Pvt Com.'s Directors paid by company and book as expenses.
Thanks
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Directors personal exp.
Replies (3)
The said expenses should be disallowed under income tax act😊
If the premises are used for business,you might still charge it to P/L as rent and electricity expense and if required disallow some portion under income tax computation. another option is you can club it as remuneration paid to director and structure the remuneration in such a way that director can avail house rent allowance exemption atleast.
that expenses are disallowed
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