Preparation of Income & Expenditure A/C instead of P & L A/C
This query is : Resolved
11 June 2010
My cient being an Individual engaged in providing Security Services to renowned customers like IOCL,AIR at different locations in Gujarat.
The same is covered under Tax Audit.
Now query is whether we can prepare Income & expenditure A/C instead of Profit & Loos Account for auditing purposes as he is service provider & charging only Service Tax in Invoices/Bills raised to customers.
In relation to such activities Normal/routine expenses are expended/incurred accordingly.
The same is covered under Tax Audit.
Now query is whether we can prepare Income & expenditure A/C instead of Profit & Loos Account for auditing purposes as he is service provider & charging only Service Tax in Invoices/Bills raised to customers.
In relation to such activities Normal/routine expenses are expended/incurred accordingly.
11 June 2010
yes you can prepare Profit & Loss A/c
11 June 2010
Income and expenditure account is prepared in case of trust or societies and in all other cases, profit and loss account is prepared to arrive at the profit or loss of the company.
If your client is registered as trust or societies with any society act or smthing else, you can prepare the income and expenditure account instead of profit or loss account.
If your client is registered as trust or societies with any society act or smthing else, you can prepare the income and expenditure account instead of profit or loss account.
11 June 2010
Income and Expenditure account is mainly prepared where the organisation is not engaged in commercial, industrial or business activities.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
