03 September 2013
Client has taken loan of Rs. 5350000 from the Director. The loan is received through two cheques on the same day.One amounts to Rs.5000000 and the other of Rs.35000? What could be the reason for this? Is this being done to hide the violation of some provision of the Act?
03 September 2013
This is not a very big amount and may be for business purpose. This kind of transactions is not new nowadays. Further this transaction is a transparent one and entire money was transferred through cheques. Further request you to straight away get in touch of clients and take relevant clarifications.
03 September 2013
Thank You Sir. Is TDS to be deducted in case of payments made to MTNL, Loop, TATA etc for Telephone and Internet charges paid and if threshhold limit crossed? Till aug, payment to TATA of Rs.49000 has been made. There are probable chances that 75000 may be crossed. So should TDS be deducted from next month onwards?
CAclubindia
