Cash received from sister concern
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2011
DEAR EXPERT,
We have three partnership firms managed by same partners, which are engaged in construction activities.
Frequently we borrow cash from sister concern and after some days we pay it in cash exceeding Rs 20000/-.
Will it cover u/s 269SS & 269T?
If not any other section which we should take care of?
We have three partnership firms managed by same partners, which are engaged in construction activities.
Frequently we borrow cash from sister concern and after some days we pay it in cash exceeding Rs 20000/-.
Will it cover u/s 269SS & 269T?
If not any other section which we should take care of?
CA PARAS BAFNA
(Expert)
24 August 2011
Every firm is a different person. Attracts 269T as well as 269SS.
Convert all cash transactions through partner's capital accounts in the respective firms.
Convert all cash transactions through partner's capital accounts in the respective firms.
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
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
