Dear sir,
I have a proprietorship firm with ABC Enterprises.(proprietor name kamal)
one of my employee name shivam purchase a car in his own name and its installment paid by ABC Enterprises.
Que:
1)Can ABC Enterprises show asset in his balance sheet behalf of installments paid by him.
2)if not then effects of transactions in the books of ABC Enterprises.
Regards,
Pavan Kumar
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Fixed Asset
Replies (4)
1. No....
2. Treat as advance and Refundable or deduct in salary...
2. Treat as advance and Refundable or deduct in salary...
thanxs sir
sir any section or provisions related to it in income tax act
can't we treat it as gift given by employer to employee?
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