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INCOME TAX

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(Querist)
05 December 2008 IN THE PREVIOUS YEAR CREDITORS WERE TRANSFERED TO LOAN ACCOUNT FURTHER LOANS WAS ALSO RECD DURIG THE YEAR.

WHAT WILL BE THE IMPLICATION OF THE TRANSACTION IN THE ASSESSMENT PURPOSE.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
05 December 2008 Dear Priyanka,

I am not able to understand why did you transferred the creditors to loan account.

Seperate ledgers need to me maintained woth the same person with whom we are doing our day to day business and from whom we receive loan.

At the inset, get the balance confirmation from the creditor as at the period end.

Rgds/
Vineet
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