recognition of sales tax defferal liability in books of ac
This query is : Resolved
19 November 2008
There was sales tax defferal scheme in maharashtra. According to that sales tax will be deffered 4 next 10 years. But govt announce tht asseesse can pay sales tax in same year after allowing some discounting factor. So compnay paid st in same year availing discouting factor. so there was a gain to company which is recognised in same year and accordingly taxation is done. but department is of opinion tht this recgnition of income should be defferd for entier period. please comment
19 November 2008
The gain is nothing but the interest recieved in terms of time value of money and hence should be offered to tax in the year of accrual of this interest income.
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