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Answer Posted / muruasm
Hi, Recently i have started a company. My father in law
(NRI) is willing to provide some financial assistance for
the company, which one is the best way to receive the money,
in my name, wife's name or company name. it's like a gift
amount, what will be the tax treatment in this reg.. (he is
not willing to become a shareholder of the company)
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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
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