COMMISSION INCOME OF LAST YEAR RECD IN THE C.Y.

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darshita (Querist)
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23 June 2010 SHOULD I BOOK THE COMMISSION INCOME RECD BY ME FOR EARLIER P.Y. IN THE C.Y. OR P.Y. ITSELF.THE CR. NOTE FOR COMMISSION ARE DATED FOR THE C.Y?SHOULD I REVISE THE SERVICE TAX RETURN SUBMITTED BY ME ON 25TH APRIL-IN THE RETURN SUBMITTED I HAV NOT TAKEN INTO ACCOUNT THE ADDITIONAL COMMISSION RECD AS I WAS NOT HAVING THE NOTICE OF THE SAME.

DARSHI

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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23 June 2010 Your question is not very clear. Income should be booked on the basis you are continuosly using i.e. due basis or cash basis. So check it with other entries you have passed and then use the same basis.

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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23 June 2010 if your professional than follow cash basis or else due basis for recording income

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Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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24 June 2010 As you are saying that you are following accrual basis of accounting. Then book the commission on the date it become due. If it relates to last year then there must be a provisonal entry for the same.

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