18 July 2021
Sir, Sec 44ada professional income it returns filed person creditor and debtor outstanding ledger balance as on 31-03-21(year:20-21) in books. Cash loan to debtor balance Rs:4 lacs Cash loan from creditor balance Rs:3 lacs 1.F.y.21-22 cash loan from creditor balance amount rs:3lacs amount transferred to cash loan to debtor balance amount adjustment journal entries passed in books. 2.remaing outstanding balance amount rs:1 cash received from debtor Question: 1.assess journal entries passed in books allowed in it act(sec 269ss and sec 269t provision applicable) 2.remaing rs:1 lacs cash receipts allowed in it act.
23 September 2021
1. Not allowed as the creditors & debtors re not same persons. 2. No not allowed.... But generally, books are not required to be produced.
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