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Accounting entry

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(Querist)
16 March 2020 if I settle a particular amojnt on 30% then what to do of remaining amount if I show as discount tgen it will be income and will have to pay tax then what to do in that condition then it does not effect profit and loss accoint
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Eswar Reddy S

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Eswar Reddy S (Expert)
16 March 2020 If you have taken inward supply then you would have booked in profit & Loss Account as an expense.. Since the settlement is at reduced rate , the full amount can't be claimed as exp. So you must consider as income
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
09 August 2020 The balance amount will have to shown as Indirect Income
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