I would like to know about what all the expences is allowed in the Proprietory Firm. Like- If Proprietor use a Vehicle so whether Maintenance of Vehicle is allowed for expences. Children School Fees, Tel. Bill of Residence as most the time it is used for the Business purpose also. There will be more such expences. so we want to know from the experts on what are similar expences allowed.
RE:Expences allowed in a Proprietory FIRM
by Amitabh on May 01, 2008 07:23 PM Permalink
All expenses pertaining to business are allowed.None of the personal expenditure will be allowed.There is no hard and fast rule for apportionment.It depends on the facts and circumstances of each case.If you maintain a log or record,it will be easier for you to establish your claim in case your return is taken up for scrutiny.
