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| This query is : Resolved
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PIYUSH SINGLA
( Author )
03 August 2012
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As per Schedule vi (revised)
Revenue from operations includes:
-Sale (Manufacturing/Retail)
-Service
Now, my question is, if Income from House Property is the main source of income of a business then where it will be shown ?
In income from operating activities
or
In income from non-operating activities ?
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CA Manoj Kumar Rai
( Expert )
04 August 2012
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Dear piyush,
In revised schedule A S override the format.If main activity is renting the property , rent will be income from operating activity . here key word is 'main source of income'.In this situation as perAS-3,it will beincome from operating activity.
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PIYUSH SINGLA
( Author )
04 August 2012
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AS-3 talks about Cash Flow statements.
Please enlighten me more on this particular issue.
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