Accounting for a frenchise
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2011
Hi,
Query relates to an garment franchise where accounting is done on 5 to 35% margin & all the sales is required to be shown to the HO. This all done in white money.
If the owner borrow money other than white can he make a separate bill book for this money which he does not want to show to HO. VAT is already added in the bill and deducted as well(May be due to the 100% Export oriented Unit. only surplus is sold in India).
And if he do so whether it will create any problem with Income Tax??
Query relates to an garment franchise where accounting is done on 5 to 35% margin & all the sales is required to be shown to the HO. This all done in white money.
If the owner borrow money other than white can he make a separate bill book for this money which he does not want to show to HO. VAT is already added in the bill and deducted as well(May be due to the 100% Export oriented Unit. only surplus is sold in India).
And if he do so whether it will create any problem with Income Tax??
07 August 2011
I request you not to put this type of question as no one will reply. Better you consult with your C. A. or your friend as this relates to concealment of Income
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