Hello I have a query where I am working for an hospital ,for making payment of tax for FY 19-20 there are two companies prop and Pvt Ltd of same owner and two banks
now the query Pvt Ltd was not having funds in the last financial year of 19-20 but there is a liability to be paid.
Now the proprietor co has funds to pay tax for both the company's. so w how can pay tax for Pvt Ltd as thers is no fund in Pvt Ltd.
hope my question is clear.
Let the owner director advance a loan from proprietor's saving account to the pvt ltd company bank account.
If the saving account does not have adequate funds, then first transfer funds from proprietorship current account to proprietor saving account.
CAclubindia
