Current account transaction

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ashwini (Querist)
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25 March 2013 Sir/Madam

how to show current account transaction in firm account book other then business transaction. if any income tax section plz tell us.

thanking you
ashwini kumar singh

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 March 2013 It depends on the nature of transaction please indicate the details of transaction and for which purpose such transaction taken place.

OM SAI SRI SAI JAI JAI SAI

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ashwini

ashwini (Querist)
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25 March 2013 SIR/MADAM

thanks for reply nature of transaction sale of unregistered property, commission,cash loan giving but amount received by check etc.

thanks
jai jai sirdi sai

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 March 2013 It is very critical issue to solve, Because of transaction which is taken place previousely in without but the the repayment taken place in public. If any chance in your balancesheet to adjust this then adjust it otherwise offer it as other income.

But this issue is not easy to suggest for solving of your problem with out examining books and facts etc....

My seriouse suggestion is please contact any of the nearest CA(if you not a CA) and deside which way is better to treat this.

Blindly we can say only treate it as other income. But this treatment may increase your tax liability. So go through the books and facts and available ways to adjust etc.... and then deside the treatment.
If any receipt is related to business transaction then you have to offer it as Income and as well as claim any exependiture on it.

If you required any further help from me Shall you please send PM to me with all the details about your firm and transaction details in current account.

Also may know where are you from?

OM SAI SRI SAI JAI JAI SAI