Reflection of fd in balance sheet of firm after filing retur
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2014
fixed deposit created from partners personal account in dec 13 and return filed of firm as per due date without showing fd
how to show fd in fy 13-14????
how to show fd in fy 13-14????
27 December 2014
The fixed deposit created from partner's personal account is personal affair of the respective partner. The books of firm will not be affected in such case.
27 December 2014
It seems that partners makes FDs in the name of the firm from their personal accounts, the entry which is missed to be in books of accounts of Firm, and consequently interest on FDs are also escaped to taxed.
It that case it is suggested to file a revised return of Income under section 139(5) of the Act, by taking accrued Interest income and TDS if any. (If Income from other sources are recognized on other than cash basis)
And make the following entry in the books of firm as on 1st April, 2014
For FD
FDs A/c Dr.
To Partners Capital A/c
(Being FDs are earlier was missing to be entered now rectified)
For Interest accrued on FDs
FDs a/c
TDS on interest
To Interest on FDs
(Being interest accrued on FDs for the FY 2013-14)
Note: If you are following cash basis accounting only first entry required to be made, if no TDS is deducted. If TDS is also deducted then pass the the following additional entry
TDS on FDs A/c Dr
To Interest on FDs
It that case it is suggested to file a revised return of Income under section 139(5) of the Act, by taking accrued Interest income and TDS if any. (If Income from other sources are recognized on other than cash basis)
And make the following entry in the books of firm as on 1st April, 2014
For FD
FDs A/c Dr.
To Partners Capital A/c
(Being FDs are earlier was missing to be entered now rectified)
For Interest accrued on FDs
FDs a/c
TDS on interest
To Interest on FDs
(Being interest accrued on FDs for the FY 2013-14)
Note: If you are following cash basis accounting only first entry required to be made, if no TDS is deducted. If TDS is also deducted then pass the the following additional entry
TDS on FDs A/c Dr
To Interest on FDs
Message likes :
1 times
27 December 2014
It seems that partners makes FDs in the name of the firm from their personal accounts, the entry which is missed to be in books of accounts of Firm, and consequently interest on FDs are also escaped to taxed.
It that case it is suggested to file a revised return of Income under section 139(5) of the Act, by taking accrued Interest income and TDS if any. (If Income from other sources are recognized on other than cash basis)
And make the following entry in the books of firm as on 1st April, 2014
For FD
FDs A/c Dr.
To Partners Capital A/c
(Being FDs are earlier was missing to be entered now rectified)
For Interest accrued on FDs
FDs a/c
TDS on interest
To Interest on FDs
(Being interest accrued on FDs for the FY 2013-14)
Note: If you are following cash basis accounting only first entry required to be made, if no TDS is deducted. If TDS is also deducted then pass the the following additional entry
TDS on FDs A/c Dr
To Interest on FDs
It that case it is suggested to file a revised return of Income under section 139(5) of the Act, by taking accrued Interest income and TDS if any. (If Income from other sources are recognized on other than cash basis)
And make the following entry in the books of firm as on 1st April, 2014
For FD
FDs A/c Dr.
To Partners Capital A/c
(Being FDs are earlier was missing to be entered now rectified)
For Interest accrued on FDs
FDs a/c
TDS on interest
To Interest on FDs
(Being interest accrued on FDs for the FY 2013-14)
Note: If you are following cash basis accounting only first entry required to be made, if no TDS is deducted. If TDS is also deducted then pass the the following additional entry
TDS on FDs A/c Dr
To Interest on FDs
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
