Excess bank balance in company

This query is : Resolved

DIVYESH JAIN (Querist)
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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

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2020 You can pay advance salary if you wish

DIVYESH JAIN

DIVYESH JAIN (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2020 so much so, advance salary will be taxed this year itself under income tax also

DIVYESH JAIN

DIVYESH JAIN (Querist)
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20 February 2020 Ok, Thank you Sir

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2020 you are most welcome.
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