Outstanding ledger balance adjustment allowed
This query is : Resolved
Kollipara Sundaraiah
(Querist)
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.
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.
2. No not allowed....
But generally, books are not required to be produced.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
