15 August 2014
An Individual having business of Travel Agency formed a Pvt Ltd. company in which his wife & Bhabhi are the Directors.Some of the parties of Proprietor deposited fund in the bank A/C of Company & some payments of company were made by the proprietor.What should be the procedure to handle such situation while filling ITR of Both.
16 August 2014
it is wrong practice to operate the a/c of company. you can not do any transaction of his personal or personal business out of company bank a/c . you can make sale invoice or purchase invoice for the amount. or taking as advance agst billing or taking loan.
17 August 2014
But whether this question would arise or not that why parties of Proprietorship deposited amount in the Bank A/C of Company?How can we show it as Loan as it is not direct transaction between proprietorship & Company?
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