Expenditure of personal nature in case of company
Dhananjay Biyala (62 Points)
13 August 2020
what will be covered in expenditure of personal nature if the assessee is a company?
4 Replies
Piyush Tuteja
(9 Points)
Replied 13 August 2020
It will depend upon the nature of expenses and that too will differ from company to company.
To find exact transactions one should perform scrutiny analysis and vouching verification for expense GL's.
To find exact transactions one should perform scrutiny analysis and vouching verification for expense GL's.
Manzil Arora
(Others)
(1012 Points)
Replied 14 August 2020
Hi Dhananjay
Any expense paid by Company and is not reimbursed by the person and is also not an allowance / perquisite, can be considered as expense. But, the nature of transaction shall be the key to conclude the fact.
For instance, a mobile phone gifted to wife shall be his personal expense. Or a car EMI paid from Company's bank account, etc.
GNYANA UPANISHAD
(156 Points)
Replied 23 August 2020
Expenses that are not exclusively for company...for ex company paying rent 10000 for building out of that half of the is used for personal purpose then 5000 personal exp and 5000. company exp
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