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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Registration as Authorised Representative of minor
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
