I need ti understand one thing, we have two organization one is a Private Limited and another one is HUF proprietorship.
In Private Limited firm, my father and my younger brother are the directors. In the HUF proprietorship my father is the Karta and proprietor.
We do a lot of borrowings between the two firm from private Limited to HUF proprietorship and vice versa through banck transfers. Are we doing any violation, do we need to follow interest receivable and payable transactions?
01 May 2013
No, controlling interest, some times the private needs some fund we take from HUF and vice versa. how can we legalise the borrowings can charge interest receivable and payable
01 May 2013
So do we need to charge interest and deduct interest on the final square off value or we have to charge interest and TDS separately from both the organization.
Can you please call me at 91-9545556959 or if you can revert back with your mobile No.
CAclubindia
