accounting treatment
This query is : Resolved
08 June 2011
A ltd has paid service tax on income earned from business auxiliary services rendered by them during past few years. They had not accounted service tax liability in the books at the time of receipt. whether the payment can be treated as prior period expense in the current years financial statements?
what will be its treatment in computation of income tax?
what will be its treatment in computation of income tax?
08 June 2011
Since it has not been collected earlier so it will be cost to the company. And your sale received earlier should be considered as inclusive receipt. You can debit in PL account. For allowability u/s 37 it is condition thatit must be incurred during the year, in this case prior period service tax may be disallowed
Message likes :
1 times
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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Import of Capital Machine
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Gift to nri relatives resides in usa
- Rent agreement of House of deceased person
- Capital gain on commercial property and investment in residential property
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
