Itr filling

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Manish Kumar Joshi (Querist)
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15 August 2014 An Individual having business of Travel Agency formed a Pvt Ltd. company in which his wife & Bhabhi are the Directors.Some of the parties of Proprietor deposited fund in the bank A/C of Company & some payments of company were made by the proprietor.What should be the procedure to handle such situation while filling ITR of Both.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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16 August 2014 It is totally a wrong practice. Each accounts should be segregated from each other.

Try to generated bill for each other if possible. If not show the amount as loan.

And stop such practice of mixing each other's account.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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Rupesh Jain

Rupesh Jain (Expert)
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16 August 2014 it is wrong practice to operate the a/c of company. you can not do any transaction of his personal or personal business out of company bank a/c .
you can make sale invoice or purchase invoice for the amount. or taking as advance agst billing or taking loan.

Manish Kumar Joshi

Manish Kumar Joshi (Querist)
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17 August 2014 But whether this question would arise or not that why parties of Proprietorship deposited amount in the Bank A/C of Company?How can we show it as Loan as it is not direct transaction between proprietorship & Company?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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18 August 2014 you may raise the invoice from company.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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18 August 2014 you may raise the invoice from company.

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