Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2011
sir,
i am doing tax audit of partnership firm,there are withdrawals amounting18 lakhs in march month on employee names.employees are partners husbands.how to show it in accounts.
under what head should i show it.so that no problem to client and auditor.
i am doing tax audit of partnership firm,there are withdrawals amounting18 lakhs in march month on employee names.employees are partners husbands.how to show it in accounts.
under what head should i show it.so that no problem to client and auditor.
07 August 2011
Please refer Section 40A(2)(b)
08 August 2011
You are not clear on your question. I think you want to ask that the drawing has been done in the name of partner's husband. If this is so then this is to be shown as advances and no need to report anything bout this transaction but if this transaction is shown as loan then if you have borrowed money and landed without interest then the interest is to be disallowed.
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
- Supply through E-commerce Operators
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- SALE BILL AGAINST GOODS RETURN
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- TDS related Query_Liquidated Damages
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
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
