Contingent liabilities
This query is : Resolved
15 December 2016
1. We got notice from tds ward for defaulting late payment, short payment etc. Should I shown this tds default amount in contingency liability in the audited financial statement?
2. we also got service tax notice for disputes. we now go for appeal. Should I shown this amount as contingency liability or not?
2. we also got service tax notice for disputes. we now go for appeal. Should I shown this amount as contingency liability or not?
15 December 2016
yes, do show it as contingent liability.
15 December 2016
If you agree with the demand then better to show it as Outstanding Liability
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