Can anybody suggest what will be the impact if expense made for office purpose has been accounted under personal expense and also expense made without proper bills and approvals
2 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 31 July 2011
1) If the expenses related to office are accounted as personal expenses, then such expense shall be disallowed while calculating the Income from Business.
2) Such expenses shall be treated as Drawings.
Regards,
Devendra K
Aparna Raja K.C
(Student)
(520 Points)
Replied 01 August 2011
| Originally posted by : Devendra | ||
 |
1) If the expenses related to office are accounted as personal expenses, then such expense shall be disallowed while calculating the Income from Business. 2) Such expenses shall be treated as Drawings. Regards, Devendra K |
 |
Agree :)
Recent Topics
- ITC on Books Purchased by Company
- Best Cloud Storage Solutions for Managing Financia
- GST on Hotel and Restaurant composite bill
- How to utilize partially consumed challan 26QC for
- PF ESI Applicability to Contract employees
- Capital Gains tax for investment cashflows in buyi
- Taxability on Reimbursement of Work From Home Expe
- TDS Receivable Entry in Books of accounts
- Gst on dance classes
- New Remuneration Clause Applicable from which Asse
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
