Accounting entries.
This query is : Resolved
16 November 2010
Dear Experts,
Mr.A is director of Pvt Limited and He is doing proprietorship business. My Query, is he is getting director remuneration in Pvt Limited. is we need to show salary received & TDS receivable in Proprietorship accounts if yes under which head we have to take whether as capital or Other income under indirect exp.
Pls clarify.
Mr.A is director of Pvt Limited and He is doing proprietorship business. My Query, is he is getting director remuneration in Pvt Limited. is we need to show salary received & TDS receivable in Proprietorship accounts if yes under which head we have to take whether as capital or Other income under indirect exp.
Pls clarify.
16 November 2010
you no need to disclose salary income in prop business.
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16 November 2010
You can show it in his capital a/c
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16 November 2010
if it is shown as salary income is there any issue. pls clarify what is the correct treatment.
16 November 2010
If seperate books for individual & proprietorship is being maintained then show in individual account only. If only one set of books is being maintained then show it in the capital account of the proprietor.
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16 November 2010
only one set of books is being maintained under prop. if it is shown under capital is we need to show income from salary under income tax computation?
16 November 2010
yes you need to show income from salary
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16 November 2010
Yes it will be taxed under the head salary income only.
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