Credit notes

This query is : Resolved

Querist : Anonymous

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.

Amol S Joglekar

Amol S Joglekar (Expert)
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13 September 2012 Classify it as extra ordinary and not exceptional. Should be placed as indirect income.

Querist : Anonymous

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.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2012 please clarify soon

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2012 put it in residuary part. OTHERS

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