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.

AI Summary

Tax Alert: Small Business Owner's Rs. 5 Lakh Household Expenses Raise Compliance Questions Under Section 142(1) A small business taxpayer incurred household expenses of Rs. 5 lakhs through bank transactions for financial year 2024-25. The query seeks clarification on applicable income tax provisions regarding household expense limits and potential documentation requirements under Section 142(1) of the Income Tax Act for individual taxpayers.