A
Adil
Process of negative cash balance, how adjusted
Facebook
Twitter
Linkedin
need to show cash inflow by selling assets, releaisng liability
Adil 17 Nov 2018thanks sir,
but ,please give me detail knowledge
R
Rohit Sharma
Can a proprietor transfer funds( more than the capital in books) from proprietorship company current account to indiviual savings account to earn interest till coming 31st march?
Capital at the beginning of the year + profit during the year - drawings is the capital at the end of the year in the balance sheet. In this case this equation ends up in debit balance it is shown as asset (amount due from proprietor). In accounts the business and the proprietor are two different persons. In normal cases the capital account will show credit balance and is shown as liability and if the drawings is more than capital and accumulated profit it will show debit balance and will be shown as asset in the balance sheet. The drawings are not treated as an expense and are not allowed as an expense under Income Tax Act. Interest earned in excess of Rs. 10000/- is taxable in the hands of the proprietor. Proprietor can transfer funds.
T&C applyR
Rajinder Goyal
Me and my wife want to start new propertiership businesses. I want to go as a construction contractor for various departments. I also want to bid for tenders floated for general goods like stationery, computers, furniture etc..My wife wants to start a catering services firm which also includes housekeeping services and other manpower services for big organisations..
My question is that can we do all these under a single firm ?
Or we need to create separate firms for GST registration purposes?
1.You can carry out all the mentioned under a single firm
2.Single Gst registration would do provided you maintain books of accounts properly.
D
Deepesh
I have following questions regarding presumptive taxation for individual professionals:
1. If I take benefits of presumptive taxation for 2 years and then from 3rd year I want to go back to normal taxation, is it allowed and under what terms and conditions?
2. If point number 1 happens because of my moving from freelance consultant to taking up a full time job, is it allowed?
Thanks!
1.You can come back to normal taxation (which is tax audit) however from 4th year to 8th year you won't be eligible to go back to presumptive tax
2.Yes it is allowed
R
Rajinder Goyal
I want to start a sole proprietor business to enable me to bid for various tenders floated by government organisations for supply of general goods like stationery, computers, CCTV, furniture, printing services,man power provider, housekeeping
services etc. What should I declare as the nature of business while applying for GST?
in GST declaration is only for top 5 goods or services supplied by you hence you can assess your business plan and provide HSN &/ SAC code of top 5 services in registration and carry on other business without any hassle
T&C apply
