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.
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