Credit notes

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2012 Dear Sir,
One of the assessee has received incentive credit notes of Rs. 5 lacs for attaining sale target.
Now please advise me it should be put in credit side of trading a/c or I should put it in the credit side of p&l a/c as considering it as indirect income.

Please clarify.

13 September 2012 Classify it as extra ordinary and not exceptional. Should be placed as indirect income.

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 September 2012 In which cell it should be place part p&l of itr 4. As I did not find column of credit note in indirect incomes.


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Querist : Anonymous

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Querist : Anonymous (Querist)
14 September 2012 please clarify soon

14 September 2012 put it in residuary part. OTHERS


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