https://www.taxtmi.com/reply=120112 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. en-us Mon, 09 Jun 2025 11:07:23 +0530 Sat, 09 May 2026 19:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/reply=120112 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. Discussion-Forum Income Tax Mon, 09 Jun 2025 11:07:23 +0530 https://www.taxtmi.com/reply=120112