Accounting entry
This query is : Resolved
Quick Summary
Nitin Daga
(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
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
09 August 2020
The balance amount will have to shown as Indirect Income
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Capital Gains Tax on Inherited Mutual Fund
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
