Liability Booking
This query is : Resolved
Quick Summary
Bapun Dasgupta
(Querist)
10 May 2022
The advocate of our organisation rendered professional services for us in February & March, 2022. There was no predetermined contract for rates of services. He has raised an invoice for his above mentioned services on 10 April, 2022 & payment has been made thereafter.
Our organisation decided to book liabilities for expenses in it's financials for the year ended 31 March considering the accept the previous year's bills of creditors received upto 30 April, 2022.
Will the above invoice of the advocate dated 10 April, 2022 be booked as a liability for expense in the closing financials for 31 March, 2022 or will it be charged as an expense directly in the current FY 2022-23 ?
With best regards.
Our organisation decided to book liabilities for expenses in it's financials for the year ended 31 March considering the accept the previous year's bills of creditors received upto 30 April, 2022.
Will the above invoice of the advocate dated 10 April, 2022 be booked as a liability for expense in the closing financials for 31 March, 2022 or will it be charged as an expense directly in the current FY 2022-23 ?
With best regards.
CA R SEETHARAMAN
(Expert)
10 May 2022
Professional services for you rendered in February & March, 2022,
Booke it as a liability for expense in the closing financials for 31 March, 2022.
Booke it as a liability for expense in the closing financials for 31 March, 2022.
Message likes :
1 times
Bapun Dasgupta
(Querist)
10 May 2022
OK Sir. Thank you and regards.
CA R SEETHARAMAN
(Expert)
10 May 2022
You are welcome..........
11 May 2022
If total payment already made and that booked for February and March 22 exceeded Rs.30,000, deduct income tax at source (TDS) u/s 194J and deposit the same and include such deduction in your TDS return for 4th quarter.
Message likes :
1 times
Bapun Dasgupta
(Querist)
11 May 2022
Right Sir. Thank you.
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
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
