Credit cards cash withdrawals
This query is : Resolved
29 July 2020
A client withdraws cash from his credit card and deposits this in his savings account. Uses this amount to meet personal expenses and also credit cards payments.
How to report this transaction in income tax returns? Will the deposit in savings account be taxed?
How to report this transaction in income tax returns? Will the deposit in savings account be taxed?
29 July 2020
NO... NO MORE TAXABLE. IT WILL ACCOUNT IN WITHDRAWAL ACCOUNT IN CASE SHOWN IN HIS TRANSACTIONS.
BOOK THE EXPENSES AS PER BILLS IN CASE USED TO BUSINESS ACCOUNT...
BOOK THE EXPENSES AS PER BILLS IN CASE USED TO BUSINESS ACCOUNT...
29 July 2020
He has deposited the cash in savings account. Where and how to report it in income?
29 July 2020
It's not a income... In case he withdraw cash as loan then can be shown as loan
14 October 2021
It would be just contra entries,
credit card cr.
Cash Dr.
while depositing it to sav acc.
Sav acc Dr.
Cash Cr.
where there is any income to declare it in ITR??
credit card cr.
Cash Dr.
while depositing it to sav acc.
Sav acc Dr.
Cash Cr.
where there is any income to declare it in ITR??
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