Not to pay creditors
This query is : Resolved
20 September 2012
Dear Sir,
I want to know accounting entry for (If i dont want to pay our creditor)
Thanks
I want to know accounting entry for (If i dont want to pay our creditor)
Thanks
Dintakurthi Tirumala
(Expert)
20 September 2012
Then the balance amount i.e which is you want to not pay amount would be treated as Income for the income tax purpose. For this there is two options of entries
1) Transfer to P&L account as other income.
2) Transfer to capital account. In this option the waved amount would be consider for tax purpose under the head of income from other sources while computing of your taxable income for tax purpose.
OM SAI SRI SAI JAI JAI SAI
1) Transfer to P&L account as other income.
2) Transfer to capital account. In this option the waved amount would be consider for tax purpose under the head of income from other sources while computing of your taxable income for tax purpose.
OM SAI SRI SAI JAI JAI SAI
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- Gift to nri relatives residing in usa
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
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
