Hi I have a query.Could any CA help me on this. thanks in advance
If we withdraw 2lakh from 5 lakh invested in a business, should we consider this 2lk as income in the personal Income sheet or we should not? or we just have to increase the cash in hand by 2lk in the personal balancesheet ?
fyi, share of profit and remuneration from business are added as income in personal income sheet
fyi
business filing ITR is done separately and personal filing ITR is done separately
This 2lk is shown as withdrawal in business balance sheet
If we withdraw 2lakh from 5 lakh invested in a business, should we consider this 2lk as income in the personal Income sheet or we should not? or we just have to increase the cash in hand by 2lk in the personal balancesheet ?
fyi, share of profit and remuneration from business are added as income in personal income sheet
fyi
business filing ITR is done separately and personal filing ITR is done separately
This 2lk is shown as withdrawal in business balance sheet
The above is as per my understanding of accounts.
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