Dear experts,
I seek an advice from all of you that how should I deal with following matter for my income tax return filing.
The matter is that I have been using my son's bank account for my business transactions as my bank' internet banking was not operating properly due to sone technical reasons. My son is 23 yrs old and he is not getting any salary.
How to account for this in return?
How should I deal with this?
Please advice.
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Income tax return filing for my business
Replies (2)
Quick Summary
You will have to pass Journal entries in business books of accounts for payments made from your sons account. and he would be a creditor in your books of accounts.
@ Raj C Doshi Sir thank you for your advice but I have also recieved the payments in my son's bank account from my debtors and Moreover I have also transferred money in his account. How to account this? And how he would account the money received from me and debtors of my bisiness.
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