Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2014
Dear Sir,
One of my client has received an intimation from local office asking about deposits exceeding 10 lacs made in saving bank a/c during fy 2009-10.
In fact my client's father runs a retail business in his proprietorship and in fy 2009-10 he had not have a current a/c for his business, therefore payment for his business related purchases were made through his son's saving bank a/c and total payment durring the year is about 12 lacs only.
Now please advise me what is the plea that I should take in responce of intimation and what is the way to relate these bank transaction with his father business?
Please advise me.
Thanks in advance.
One of my client has received an intimation from local office asking about deposits exceeding 10 lacs made in saving bank a/c during fy 2009-10.
In fact my client's father runs a retail business in his proprietorship and in fy 2009-10 he had not have a current a/c for his business, therefore payment for his business related purchases were made through his son's saving bank a/c and total payment durring the year is about 12 lacs only.
Now please advise me what is the plea that I should take in responce of intimation and what is the way to relate these bank transaction with his father business?
Please advise me.
Thanks in advance.
24 January 2014
The mistake has been done by not making business related transactions through the savings bank account, however in such a situation in my opinion if the client's father maintains cash book, payments made through his son's savings bank accounts and deposits may be matched with the dates appearing in the bank statement of son. Ledger of goods purchased and payments made thereon may also be matched if possible.
24 January 2014
The mistake has been done by not making business related transactions through the savings bank account, however in such a situation in my opinion if the client's father maintains cash book, payments made through his son's savings bank accounts and deposits may be matched with the dates appearing in the bank statement of son. Ledger of goods purchased and payments made thereon may also be matched if possible.
24 January 2014
Prepare the detailed list of all deposits with name and addresses of the depositors if the deposits are made directly by customers and if deposits are made by cash then reconcile cash book/Bank deposits/Parties and ensure that the cash book should show positive balances on daily basis keep a record of all deposits in cash book with all your records sales and purchases.
and meanwhile open account in the name of firm current account and start transaction form that account.
and meanwhile open account in the name of firm current account and start transaction form that account.
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