Hello CA Friends, A person who has a business income give loan to an Individual from a current account and when received it from that individual and deposited it in sb account of the same bank, where there will be any problem in that case from the view point of Accounting and taxation pls. explain.
1 Replies
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
As per my opinion, there should be no problem , so far as both account(current and saving) are disclosed in accounts and proper accounting entries passed to disclose the transaction.
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