Method of accounting.
This query is : Resolved
12 January 2011
While recognising sales or purchases, sales should be recognised as gross. i.e. it includes excise,vat,other duties and cess as per section 145 of Income Tax Act.
Many companies follows net system of accounting rather than gross.Which system is valid as per accounting standards, principles.
As an auditor how we deal with it.
Many companies follows net system of accounting rather than gross.Which system is valid as per accounting standards, principles.
As an auditor how we deal with it.
14 January 2011
As per Accounting standard the net sales accounting systems is correct,
Sec,145 only for the Income tax calculation purpose we need to re calculate at the time of taxation
Sec,145 only for the Income tax calculation purpose we need to re calculate at the time of taxation
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 of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Rental income gst and it purpose
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Putting a heading on received mail
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
