prasanna1
Oct 12, 2010, 07:04 AM
Sir
We are running two company in the same premises and same object and Registered with ROC
Since 10 years from 2007 onwards we stopped one company business i.e. all transactions are made by only one company. i.e. we were raised bills in (a ) company while we received amount and tds certificate in (b) company name and we booked expenses in (a) company only because we raised bill in company sofar.
And we claimed it refund in (b) company to the extent according to Form 16 A basis. Now IT Officer considering that (b) company TDS cerficate amount not showing in P& L a/c of (b) company sofar now I will treat to that extent as income of (b) company
We were received amount in (b) company but bill raised in (a) company same has been transferred to (a) company as Debited to Debtors and credited to (a) company and in (a ) company also we passed reversal entry then debtors balance in (a) company become zero but actually amount received in (b) company and same amount also transfereed to (a) company whenever fund required both company are treated as concered ledger under unsecured loan A/c
My quation is to what we have done is it correct and can we claim that TDS in (b) company name or what IT Officer said is it correct
Please clarify me
Thans and regard Prasanna
From Bangalore
Existing customers
We are running two company in the same premises and same object and Registered with ROC
Since 10 years from 2007 onwards we stopped one company business i.e. all transactions are made by only one company. i.e. we were raised bills in (a ) company while we received amount and tds certificate in (b) company name and we booked expenses in (a) company only because we raised bill in company sofar.
And we claimed it refund in (b) company to the extent according to Form 16 A basis. Now IT Officer considering that (b) company TDS cerficate amount not showing in P& L a/c of (b) company sofar now I will treat to that extent as income of (b) company
We were received amount in (b) company but bill raised in (a) company same has been transferred to (a) company as Debited to Debtors and credited to (a) company and in (a ) company also we passed reversal entry then debtors balance in (a) company become zero but actually amount received in (b) company and same amount also transfereed to (a) company whenever fund required both company are treated as concered ledger under unsecured loan A/c
My quation is to what we have done is it correct and can we claim that TDS in (b) company name or what IT Officer said is it correct
Please clarify me
Thans and regard Prasanna
From Bangalore
Existing customers