S.40a(3) cash transactions
Querist : Anonymous
B is wholesaler and C is retailer.
C directly contacted A and ordered 50,000 worth of goods and deposited the cash in Company bank account. But the companies procedure is goods will send to wholesaler and then it will reach retailer.
Because of VAT the wholesaler will show in his vat return. In this case in Income tax whether he will get disallowance.
How to treat in books of account this transaction?
Passing JV for such transactions is used in books of accounts. No any question of dis-allowance.
Can you please elaborate your fear of dis-allowance?
but its is catch when they demand the vendor a/c in C books.
Querist : Anonymous
Can he adjust Debtor account and Creditor account?
Like Creditor a/c Dr
To Debtor a/c.
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