Business vs Personal Expense

[drabhishek90]

This question is for all the self employed people out there. Whether is a Professional like Doctor, Lawyer, CA or a Businessman. How to you bifurcate what’s your personal expense and what’s your business expense. Is there any overlap?

 

[prasenjitp04]

This question is for all the self employed people out there. Whether is a Professional like Doctor, Lawyer, CA or a Businessman. How to you bifurcate what’s your personal expense and what’s your business expense. Is there any overlap?

Around 90% personal expenses can be categorized as business expenses that most self employed professional do. For example, expenses on food, travel, fuel, utility bills like mobile, electric, etc can be taken at company books without any issues from tax dept.