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Cheque recorded but not cleared

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(Querist)
19 July 2013 I have received a cheque on 30.03.2013 and deposited it on the same date but it was cleared by bank on 03.04.2013. Will the income to be considered in F Y 2012-13 or F Y 2013-14?
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CA Kapil Verma

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CA Kapil Verma (Expert)
19 July 2013 income should be recorded as per your accounting method i.e on accrual or receipt basis.


As per accrual basis the income pertained to F.Y 2012-13
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Aashish Tiwari

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Aashish Tiwari (Expert)
19 July 2013 As per AS 9, revenue should be recognised at d time of sale or rendering service and there is no uncertainity in collection of revenue.. It should be in 12-13 if condition satisfied.
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Shanti

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Shanti (Querist)
19 July 2013 In case of gift cheque what should be done???
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Shanti

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Shanti (Querist)
19 July 2013 In case of gift cheque what should be done???
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