Usage of Third party Bank Current Account for business purposes
This query is : Resolved
11 December 2023
One of my client is carrying on trading business, he uses his friend's bank current account for deposit of his sales collection and also for suppliers payments.
Please advice the legal consequences on Income Tax point and also advice on the necessary audit qualification on the same.
Thanks in Advance
Please advice the legal consequences on Income Tax point and also advice on the necessary audit qualification on the same.
Thanks in Advance
15 January 2024
This does not seem to be a good practice. The Business and current account should be in the same name. It will create problems in Filling ITR for the friend mentioned here and the business.
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
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
