Deductions in computing profits and gains from pgbp
This query is : Resolved
07 March 2016
Mr. A purchases Material X for Rs. 100000 (Credit purchase) on 01.11.2013 from Mr. DEEP.
Case 1 Mr A pays 18000 in cash on 5/12/2013 and 40000 by a/c payee cheque on 5/12/2013 .Rest of the payment is made on on 5/5/2014 through a/c payee dd. What shall be amount of deduction in computing profits and gains FOR A.Y 2014-15 AND 2015-2016.
Case 2 Mr A pays 18000 in A/C payee dd on 5/12/2013 and 40000 by a/c payee cheque on 5/1/2014 .A cash payment of Rs 21000 is made on 5/4/2014 and Rest of the payment is made on on 5/5/2014 through a/c payee dd. What shall be amount of deduction in computing profits and gains FOR A.Y 2014-15 AND 2015-2016
PLEASE ANSWER WITH PROPER REASONING
Case 1 Mr A pays 18000 in cash on 5/12/2013 and 40000 by a/c payee cheque on 5/12/2013 .Rest of the payment is made on on 5/5/2014 through a/c payee dd. What shall be amount of deduction in computing profits and gains FOR A.Y 2014-15 AND 2015-2016.
Case 2 Mr A pays 18000 in A/C payee dd on 5/12/2013 and 40000 by a/c payee cheque on 5/1/2014 .A cash payment of Rs 21000 is made on 5/4/2014 and Rest of the payment is made on on 5/5/2014 through a/c payee dd. What shall be amount of deduction in computing profits and gains FOR A.Y 2014-15 AND 2015-2016
PLEASE ANSWER WITH PROPER REASONING
08 March 2016
The same is to be worked out as per the method of accounting followed. Mercantile or Cash
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