FY 2014-15 One of the Partnership Firms Profit as per Books of Accounts after paid remuneration (400,000) in Tally Rs. 89580. At the time of filing ITR Auditor disallow/Less the remuneration from Rs. 400,000 to Rs. 389,443 as per his calculation. (Actual Remuneration Rs. 400000 - Allowable Remuneration Rs. 389443 = Balance Rs. 10557). Also paid the income Tax as Profit Rs. 100137 (89580 + 10557)... But, In my books (Tally) shown the profit Rs. 89580 and I transferred the amount of Rs. 89580 to Two partners Accounts as 50/50... My Questions are.,
1. The above said adjustments Rs. 89580 are correct or not...? or 2. Can I reverse the excess amount Rs. 10557 from remuneration to PandL account...? 3. If yes., I will show the profit Rs. 100137 in Tally and Transfer the amount equally to Capital Account in FY 2015-16...?
One more query in a partnership firm... Also the above said firm. They are deal Mfg & Services trade Name "SEAL ENGINEERING" started on 02/12/2011 with Two Partners... Also one of the Partner run PROPRIETORSHIP businesss the same name on or before starting Partnership firm. Now he is closed the Proprietory firm on 06/08/2012...
The Partnership firm give service to One of the customer. The Customer deduct & Deposit TDS mistakenly in Proprietorship Firm name and his PAN till the Date. Also the Payment received after less the amount. I found the Details in Last month. The customer will not revise the TDS returns... In this situation
What can I do...?
How to account the balance amount for deducting amount?
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