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
Amol S Joglekar
(Expert)
08 March 2016
The same is to be worked out as per the method of accounting followed. Mercantile or Cash
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Closer of business and itc of capital goods
- RCM and same line
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- Rectification under processing even after 6 months cpc portal
- ARCA LOGIN
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
