provision for contractual obligation
This query is : Resolved
13 August 2012
Whether the provision made in the books of account for contractual obligation in order to meet warranty obligations is allowable under the Income Tax Act, 1961 or not ?.
Whether the provision made in the books of account for contractual obligation in order to meet warranty obligations is allowable under the Income Tax Act, 1961 or not ?.
13 August 2012
Yes it is allowable provided the amount of provision should be calculated on the basis of past trends etc.
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
- Sales of goods of amount Rs77 lakhs to a party
- ITR-3 - How to show loss in 65(i) - (iii) under under Part A - P & L section and sub section 65?
- Filling ITR for FY 2024-25
- Stop filling ITR
- FOB freight
- TDS Retunr Statement Status
- MISMATCH AMONG GROSS TURNOVER AIS. ACTUAL SHOWING GST PORTAL AND GENIUS FROM GST PORTAL
- FRESH FRUIT JUICE EXEMPTION UNDER GST
- SALE SHOWS ACCORDING SERVICE PROVIDE BUT SERVICE RECEIVER (GOVT. DEP) SHOWS SALES IN 26Q DIFF YR
- Sale of old gold ornaments
- Experienced CA recommendation from Kolkata for FNO return filing
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- TDS on property - Form 141 query
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
