About Refundable deposit
This query is : Resolved
padam singhvi
(Querist)
30 December 2010
plz Advised to me
A Pvt. Ltd co. deposit 65000/- for Telephone conection which is refundable but by mistake co. forgot to book it in their books of a/c. now after 4 year it was recd by co. now I want to know that how to give effect in companies books of a/c.
A Pvt. Ltd co. deposit 65000/- for Telephone conection which is refundable but by mistake co. forgot to book it in their books of a/c. now after 4 year it was recd by co. now I want to know that how to give effect in companies books of a/c.
chetan soni
(Expert)
30 December 2010
Firstly you should check the treatment given for such payment 4 years ago. If the same in dr. to P&L account then you need to booked as income when received.
As you stated that company forgot to book this in accounts. That means this is may be paid in cash because chq. payment can be traced by bank statement & can be easily identified. It is better to offer this to income. If you take a chance of not booking this as income then ITO may take a stand for concealment of assets & liability in the year of payment & may need to pay the fine/penalty.
As you stated that company forgot to book this in accounts. That means this is may be paid in cash because chq. payment can be traced by bank statement & can be easily identified. It is better to offer this to income. If you take a chance of not booking this as income then ITO may take a stand for concealment of assets & liability in the year of payment & may need to pay the fine/penalty.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
