Journal entry in the books of LLP and Partners capital on 31st march
what entry should passed of tax distributed among partners capital and Profit and loss transfers among partners in the books of LLP and Partners capital account.
Tax paid by LLP such as
Advance Tax paid Rs. 10,00,000/-
TDS Receivable Rs. 5,00,000/-
TCS Receivable Rs. 5,00,000/-
Total Tax Amount Rs. 20,00,00
There are three partners and Ratio are A 50%, B 25% and C 25 % whether I can pass journal entry on 31st march in LLP Books
A's Capital A/c Dr. 10,00,000
B's Capital A/c Dr 5,00,000
C's Capital A/c Dr 5,00,000
To Advance Tax 10,00,000 To
TDS Receivable 5,00,000
To TCS Receivale 5,00,000
Now my question is that can I pass in the books of partners capital on 31st march .
Advance Tax A's Capital 10,00,000
Advance Tax B's Capital 5,00,000
Advance Tax c's Capital 5,00,000
To Partnership Firm LLP 20,00,000
Please reply, is correct or incorrect Entry.
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Dear Sir,
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Dear Team,
I am a salaried person any paying income tax as per the ITR1 every year since last 20 yrs. My query is as below:
My wife is housewife and trading in stock market particularly in F&O.
As I am a salaried person, I can get person loan from any source easily. I wanted to know if I avail a loan in my name and transfer it to my wife there are there can be two options:
a) I transfer the loan which I availed as a gift to my wife
b) I transfer the loan to my wife as a loan between two of us.
My wife will utilize that amount for her F&O trading. So, which out of both which option is more suitable and legal for tax purpose which does not affect my tax implications as salaried person. AND my wife will pay tax on her F&O income as per tax rules.
Dear All,
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Thanks & Regards
Nirmal Dave
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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