Method of Accounting of Turnover for a logistics company
This query is : Resolved
01 September 2008
Dear Sir/Madam
A logistics company buys space for Rs.40000 and sells the same space in parts to three different parties from which they get Rs.55000. Whether the turnover to be accounted is Rs.55000 or the net figure of Rs.15000(15000 is their actual income, from which they deduct all expenses and arrive at the profit). Whether this accounting is acceptable as per IT Act?
Regards,
A logistics company buys space for Rs.40000 and sells the same space in parts to three different parties from which they get Rs.55000. Whether the turnover to be accounted is Rs.55000 or the net figure of Rs.15000(15000 is their actual income, from which they deduct all expenses and arrive at the profit). Whether this accounting is acceptable as per IT Act?
Regards,
01 September 2008
No. Buying and selling has to be accounted separately.
01 September 2008
Thank you sir. I had this doubt based on some reference by another chartered accountant that there was a guidance note to account for the income as Rs.15000 and not as Rs.55000. Are there any guidance notes to this effect???
regards,
regards,
01 September 2008
.
24 March 2009
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