Advance received
This query is : Resolved
03 January 2014
In case of advance received,how to know whether advance is inclusive of tax or exclusive.i am very confused,because in practice manual in certain quetions they taken advance as inclusive of tax and in some quetions exclusive of tax...please solve my doubt
Nikhil Kaushik
(Expert)
03 January 2014
better to presume that it is inclusive.
03 January 2014
Thanx for reply.But in some quetions they taken advance as exclusive of tax.so answer will go wrong by assuming inclusive of tax
Nikhil Kaushik
(Expert)
03 January 2014
remember in CA, unless the language of the question specifically provides for a particular treatment, you have the option of assuming and stating the assumption so made in the answer and accordingly do the computation.
Nikhil Kaushik
(Expert)
03 January 2014
you are welcome Omkar.
03 January 2014
In one quetion of practice manual they given that tax charged seperately it means all amounts are exclusive of tax still in that quetion advance is taken as inclusive of tax.please solve my doubt??
Nikhil Kaushik
(Expert)
03 January 2014
Can you post the whole query here
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