Excess bank balance in company
This query is : Resolved
19 February 2020
Dear Sir,
I am having a Private Limited company in which I am having a bank balance of Rs 9 lacs. I have already given Director remuneration to all directors.
How can I use this money for my personal use. What are the options available with me as I don't want to keep so much of bank balance in my company books.
Regards,
Divyesh Jain
I am having a Private Limited company in which I am having a bank balance of Rs 9 lacs. I have already given Director remuneration to all directors.
How can I use this money for my personal use. What are the options available with me as I don't want to keep so much of bank balance in my company books.
Regards,
Divyesh Jain
20 February 2020
You can pay advance salary if you wish
20 February 2020
Can I show 9 lacs as Advance Salary this financial year itself ? i.e. F.Y. 2019-20. In my personal books of accounts the turnover is coming to Rs. 17 lacs and after getting this salary of 9 lacs, will GST not become applicable to me. I am not yet registered in GST in my individual capacity.
20 February 2020
so much so, advance salary will be taxed this year itself under income tax also
20 February 2020
Ok, Thank you Sir
20 February 2020
you are most welcome.
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