I need help from the Experts..One of my client is Business professional. He gave some amount to his friend as loan ( Nearly 90 Lakhs ). The entry is available in my client's balance sheet from last 5 years. Please suggest me whether shall we convert this loan to Expenses..If this loan will convert as expenses how the TDS and GST will attract. I
07 September 2017
Your client's friend shown the amount in his balance sheet. Also he is shown in "loans and advances" head....
Then, How to you show the amount in expense head...? Why you think this way...?
The amount refundable or not...?
You can show it clients liability head.
The amount is very big. Show you ask your client "How To get amount and it's records"
08 September 2017
Hi, My query is the given amount as loan. There is no possibility of receiving the fund..The loan given from individual's account. Is there any possible to convert this loan as consultant fees to the party .If it is possible then what will be the TDS and GST..Party dont want to keep in his balance sheet that amount as unsecured loan..
08 September 2017
90 lakh as fees....will call for tax audit....point number one (The person who is NOT able to repay loan...can he pay tax audit fees?)
tds should be at 10% of 90 lakh.....is it worth paying tds in addtion to 90 lakh?
CAclubindia
