Amount taken by pvt. ltd. co.
This query is : Resolved
23 September 2013
If a Pvt. Ltd. co. deals in Immigration business. A person who has to send his son abroad deposits amount in company's bank a/c but for some reason deal with that person is cancelled and co. returned the money deposited in the bank.
Can such acceptance & return back of money be considered as Unsecured loan?
Can a PVT. ltd. co. do so?
Can such acceptance & return back of money be considered as Unsecured loan?
Can a PVT. ltd. co. do so?
23 September 2013
Well till the time the money was lying in the company's account, it was a advance received (not a unsecured loan). Since the money has been returned now, the issue of its treatment as unsecured loan anyways don't arise.
Plus, you were supposed to pay service tax at the time of receipt of money. If you have paid service tax, you can adjust the same against you future service tax liability in future service tax returns.
Plus, you were supposed to pay service tax at the time of receipt of money. If you have paid service tax, you can adjust the same against you future service tax liability in future service tax returns.
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Form 27Q Correction statement taking too long to update on IT Portal
- Scrutiny assessments u/s 143(2) for AY 25-26
- TDS related Query_Liquidated Damages
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
