Income from reimbursement
This query is : Resolved
24 June 2015
ABC & Co. raised a reimbursement invoice of Rs 1,20,000 for Airfare to DEF & Co(Customer) . As per Agreed terms in Agreement which is flat payable of Rs 1,20,000. Now ABC & Co. has actual spent of Rs 80,000 for Airfare , Balance Rs. 40,000 is received extra.
QUERY Is :-
1) In Books Rs 40,000 should take under revenue ?
2)is Rs 40,000 is a taxable income ?
Kindly confirm!
QUERY Is :-
1) In Books Rs 40,000 should take under revenue ?
2)is Rs 40,000 is a taxable income ?
Kindly confirm!
CA R SEETHARAMAN
(Expert)
24 June 2015
1 Yes it is to be taken under revenue.
2 It is a taxable income.
2 It is a taxable income.
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