Discounting of bill
This query is : Resolved
apoorv verma
(Querist)
23 November 2014
Please tell me what is rebate on discounting of bill?
23 November 2014
There is no rebate on bill discounting. First of all you should understand what is bill discounting. Once you raise the bill against sales the customer never pay on the spot or you have allowed credit for say 30 days so your payment is not received before 30 days. Now, you have discounted the bill from the bank by depositing the bill along with the transportation receipt. Now, after deduction of charges and interest Bank will credit the amount in your account.
The benefit of bill discounting is that you get immediate payment once the goods are booked in transport and the disadvantage is that if the party do not discharge the documents then the amount paid to you by the bank will be debited to your account with further interest.
The benefit of bill discounting is that you get immediate payment once the goods are booked in transport and the disadvantage is that if the party do not discharge the documents then the amount paid to you by the bank will be debited to your account with further interest.
Rupesh Jain
(Expert)
25 November 2014
discounting of bill means you receive the amount less from the bill amount . like bank/discounting firm deducted the 2% of the bill then you received the amount 2% less from the bill amount.
01 December 2014
agreed......................................
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
