LOANS
This query is : Resolved
18 June 2020
Hi, I Have a Question
A partner purchase Car And their Emi Paid in Company Account Interest Entry pass or not ?? Any Partner Reimbursed Interest Exp in their personal Income Tax return?? If Interest entry does not passbook of account ledger not match please give Suggestion for that.
Thanks In advance
A partner purchase Car And their Emi Paid in Company Account Interest Entry pass or not ?? Any Partner Reimbursed Interest Exp in their personal Income Tax return?? If Interest entry does not passbook of account ledger not match please give Suggestion for that.
Thanks In advance
18 June 2020
If partner purchase car for its personal use then you don't need to do interest entry in your company account of partner's loan. you have to debit partner account and credit to bank account as withdrawl. so simple it is not company expense or liability whenever EMI gone pass the entry as I said or any other situation plz ask.
19 June 2020
Partner reimbursed Exp in their Personal Income Tax Return
19 June 2020
yes, partner have to take into personal accounts. if you reimbursed any amount withstanding interest then also it will be the part of partner capital reduction no it will not be any part of company expense.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Import license renewal
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
