loan
This query is : Resolved
05 January 2010
sir my firm taking a loan from his partners wife.that time firm has no any account in bank.1 month later firm opening his account in bank. what will be repayment & loan taken entry.
05 January 2010
dont take loan in cash; exceeding Rs.20,000
You will attract the provisions of income tax and the income will be taxable
You will attract the provisions of income tax and the income will be taxable
05 January 2010
Entry will be:
Cash/Bank A/c Dr.
To Mrs. XYZ A/c.
Repayment:
Mrs. XYZ A/c Dr.
To Bank A/c
as adviced by bhavesh donot take/repaid loan in cash exceeding 20000/- otherwise it will be treated as income as per section 269.
Cash/Bank A/c Dr.
To Mrs. XYZ A/c.
Repayment:
Mrs. XYZ A/c Dr.
To Bank A/c
as adviced by bhavesh donot take/repaid loan in cash exceeding 20000/- otherwise it will be treated as income as per section 269.
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