Sir,
FY 2022-23 Sale was Rs. 64 Lacs and GP 11% and some interest income from Debtors & farmers Rs
1.24 Lacs NP Rs. 6 LACS. but FY 2023-24 Sale is Rs. 28 Lacs GP 11% and some interest from debtors & farmers Rs. 98 thousand NP 2 Lacs in books of accounts. Owner said it increase up to 5.40 Lacs so Can i adjust bank CC limit & term loan interest approxmatly Rs. 5 lacs with owner,s Capital account so We increase NP
its correct way please advise Sir,
see, the banks these days also look at the bank statement and GST returns. So, they always get to know how much profit you have actually earned. You can always make some adjustment, but it cannot severely deviate from what is ascertainable from indirect tax filings.
CAclubindia
