Hi, CAClubmember i want to know to what extent the expenses incurred by partner or director towards Overseas Expenses incurred by him/her is exempted. pls. explain with suitable explain. Thanks
1 Replies
CA Raj Doshi
(Practising CA)
(8939 Points)
Replied 20 January 2014
The nature of trip is business so it shall be treated as a normal business expenditure under sec 37(1).Further the question of exemption does not arise.If there is a component of personal use then a suitable ratio shall be disallowed for the firm/ company with no tax exemption nor incidence on the partner or director.
Regards
Raj C Doshi
Recent Topics
- GST registration -notice
- GSTIN Suspended Form GST Reg 17
- Request for GST Clarification regarding ITC
- Is Capital Gain exemption available for Property a
- EPF CONTRIBUION BY EMPLOYER
- Letter of credit -seller procedure
- Filling form 26 QB
- RPT AND ITC ISSUE
- Tax Liability and ITC Summary related Issues
- REQUIRED FORMAT FOR AMENDMENT TO PARTNERSHIP DEED
Related Threads
CAclubindia
