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Income from reimbursement

This query is : Resolved 
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(Querist)
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!
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 June 2015 1 Yes it is to be taken under revenue.
2 It is a taxable income.
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praneet

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praneet (Querist)
24 June 2015 Thank you Seetharaman for your answer.
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