it person household expenses or own drawings limit for one financial year

[Sundaraiah kollipara]

sir,
A Individual small business tax payer house hold expenses rs:5 lacs amount all transactions through bank channel paid f.y. 24-25

Question:

Assessee house hold expenses details and any limit provision applicable for one financial year in it act and house hold expenses details asked it department as per sec 142 (1) in it act.

[FCA Adv amit aggarwal]

recent deptt asked from assessee- house hold expenses details asked it department as per sec 142 (1) in it act.

BUT to provide specific answer need to share whole detail of case/

you can share - [email protected]

AI Summary

Household expense details under assessment inquiry may be sought for an individual small business taxpayer Section 142(1) of the Income-tax Act is discussed in the context of an individual small business taxpayer who has incurred household expenses through bank transactions during the relevant financial year. The issue raised is whether any specific statutory limit applies to household expenses or drawings for one financial year and whether the tax department can call for household expense details during assessment inquiry. The discussion reflects that the department may seek household expense particulars under section 142(1) as part of enquiry proceedings, but no specific limit provision for household expenses is identified in the text.