12 September 2011
IN THE PROP.FIRM TWO UNSECURED LOAN COMES BOTH ARE HUSBAND & WIFE. IN FY10-11 WIFE EXPIRED ON SEPT.10. THEN MY QUESTION IS THAT I TRFD. THOSE LOAN BALANCE TO HUSBANCE LEDGER AND INTT. PROVIDED ON THAT AMOUNT I.E. UPTO SEPT-10 INTT. ON WIFE ACCOUNT AND AFTER, TRFD. THE ACCOUNT BALANCE OF WIFE INTO HUSBAND LEDGER. IS IT RIGHT OR NOT
12 September 2011
(a) From the legal perspective, a proprietorship firm is not a separate legal entity from its proprietors, (b) From the IT point of view: both are individuals, assessing units separate hence the transaction may impact the IT consequences.
CAclubindia
