Dear experts,
I seek an advice from all of you that how should I deal with following matter for my income tax return filing.
The matter is that I have been using my son's bank account for my business transactions as my bank' internet banking was not operating properly due to sone technical reasons. My son is 23 yrs old and he is not getting any salary.
How to account for this in return?
How should I deal with this?
Please advice.
2 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 July 2020
You will have to pass Journal entries in business books of accounts for payments made from your sons account. and he would be a creditor in your books of accounts.
Arpit
(Student)
(141 Points)
Replied 28 July 2020
@ Raj C Doshi Sir thank you for your advice but I have also recieved the payments in my son's bank account from my debtors and Moreover I have also transferred money in his account. How to account this? And how he would account the money received from me and debtors of my bisiness.
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