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Consider Loan Or Investment

09 May 2022

I Pay tax of My Proprietor ship firm in my Personal account

what should i consider this amount as loan or investment for my person Account and my firm Account

kindly suggest

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7 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 09 May 2022

What type of Taxes you have paid ?.

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sabyasachi mukherjee (27574 Points)
Replied 10 May 2022

I understood its personal account so proprietorship firm has taken loan . That you hv to show.

Anoop Jain (107 Points)
Replied 10 May 2022

Sir We have paid TDS

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 10 May 2022

Deducted TDS for what type of expenses ?.....

Anoop Jain (107 Points)
Replied 10 May 2022

Sir deducted on Rent

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prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 10 May 2022

Loan to the proprietorship Firm .

Pramod Limaye (Chartered Accountant) (172 Points)
Replied 10 May 2022

In my view, the amount of TDS paid out of personal account can be credited to Capital Account since this is a Proprietary Firm and he is the sole businessman.