Loan can be given by spouse in propriter
This query is : Resolved
08 October 2015
Dear All,
I am in confusion for below-
A proprietorship firm can take any Loan by cheque from Spouse ( Wife / Husband ). is it allowable under Income tax ?
I am in confusion for below-
A proprietorship firm can take any Loan by cheque from Spouse ( Wife / Husband ). is it allowable under Income tax ?
08 October 2015
Yes it is allowed as it is in the form of cheque.
Message likes :
1 times
08 October 2015
All the loans through cheque are accepted under income tax few restrictions under companies law. In some exceptional cases even cash loans are allowed.
09 October 2015
Thanks a lot for help.
and can we pay commission to spouse from proprietorship firm.
and can we pay commission to spouse from proprietorship firm.
09 October 2015
Yes, if it is based on professional services and the amount is basically genuine fees otherwise not.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
