Using a building premises for free
Atharv Sankliya (1306 Points)
22 May 2023
if a firm is using a building premises for free does it is recorded as income/benefit in p&l a/c??
Atharv Sankliya (1306 Points)
22 May 2023
Atharv Sankliya
(1306 Points)
Replied 23 May 2023
sabyasachi mukherjee
(26263 Points)
Replied 24 May 2023
Yasaswi Gomes new
(Finance )
(4487 Points)
Replied 24 May 2023
Section 28(iv) hitherto provides that any value of benefit or perquisite, whether convertible in money or not, arising from business or exercise of a profession would be considered as income and shall be chargeable to income tax as business income.?? Maybe disclosure is proper. It doesnt impact financial statement cause there is prescripttion that accounting stands must definitely have a ppe. So no need to record it. Apart from revenue recognition, nothing which is free needs to be presented in the financial statement. Because only commercial transactions are recorded for tax purposes and investors
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