Revenue Recogination for Rate Differance Invoice
This query is : Resolved
24 September 2010
Please Advice:
Fact of Case :Company has raised the rate differance invoice on 02.04.2010.Original sales are made in 2009-10.
Query : Whether any sales provision is required to be made on 31.03.2010?
How it will be treated under income tax?
Fact of Case :Company has raised the rate differance invoice on 02.04.2010.Original sales are made in 2009-10.
Query : Whether any sales provision is required to be made on 31.03.2010?
How it will be treated under income tax?
24 September 2010
Ideally provision for rate difference should be created on 31/3/10 as the original sale is pertaining to FY 2009-10.
Message likes :
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24 September 2010
Going by the financial year & accrual concept, the provision has to be made on 31.03.10.
Its also, because, you need get the confirmation from the party regarding the balance as on 31.03.2010 & if there is any difference (agreed by both party), the a provision should be created on 31.03.2010.
AS - 30
Its also, because, you need get the confirmation from the party regarding the balance as on 31.03.2010 & if there is any difference (agreed by both party), the a provision should be created on 31.03.2010.
AS - 30
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