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Does sundry creditor need to be included in itr filing

Efiling 1326 views 1 replies

Hemant B

1 Points Joined July 2017

I am planning to eFile my wive s IT Return , She gets Salary from a company (non tds) and take tutions at home . So I would be filing ITR-4S (Correct me if i am wrong).

She bought a LIC for Rs 19000 approx..and I had paid this amount to her account by cheque. So I become the Sundry Creditor.

My query is , Do i need to mention this amount of 19xxx of Sundry Creditor ( Loan ) while filing ITR in ""Financial Particulars in Business"" i.e i E8 Column
OR this entry of 19000 need not be required to be entered in NOB BP Page of Efiling under ""Financial Particulars in Business"" as its a personal loan between both of us.

Please clarify.and help me filing this ereturn

Replies (1)

hema

accountant

35 Points Joined July 2011

Hi sir,

first of all u hv made cheque payment to ur wife, she might use for any purpose it is secondary but, here question is, is ur wife going to pay back the amount???? then also u need not to mention the same in itr OK , and of course u r not a sundry creditor it only applies to business since u have given personal loan it will come under loans and advances assets side of balance sheet.