Accounting treatment of joining fees of club
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2014
Dear Experts,
What would be the treatment of one time non refundable Joining fees for availing the Club Facilities. My view is since it is 1 time fees it could be included in Capital Reserve.
But our Auditor is of the view it should be treated as Income for the year of receipt.
please share your thoughts on the issue
What would be the treatment of one time non refundable Joining fees for availing the Club Facilities. My view is since it is 1 time fees it could be included in Capital Reserve.
But our Auditor is of the view it should be treated as Income for the year of receipt.
please share your thoughts on the issue
21 October 2014
since fee is not refundable, in my opinion this should be treated as 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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
