Revenue recognisation
This query is : Resolved
03 April 2012
Dear sir,
For the purpose to increase turnover if we go making invoice big value to sister concern ( same family business) can we consider as revenue recognised?
or is any other law to protect such activites?
For the purpose to increase turnover if we go making invoice big value to sister concern ( same family business) can we consider as revenue recognised?
or is any other law to protect such activites?
05 April 2012
You will be caught by RELATED PARTY DISCLOSURES (internationally known as TRANSFER PRICING).
.
Moreover, fake billing will liable to penalty under Income-Tax Act.
.
Many times; LOAN CONSULTANTS give such type of advice to the clients and ultimately TAX CONSULTANTS have to bear a lot of exercise which ultimately is SHIFTED to the clients in the form of HIGH TAX AND PENALTIES.
.
Moreover, fake billing will liable to penalty under Income-Tax Act.
.
Many times; LOAN CONSULTANTS give such type of advice to the clients and ultimately TAX CONSULTANTS have to bear a lot of exercise which ultimately is SHIFTED to the clients in the form of HIGH TAX AND PENALTIES.
05 April 2012
It would be better to introduce yourself as a partner in one existing partnership firm or a Director in a company which has HIGH TURNOVER.
.
After sanctioning of loan; you can retire/resign.
.
After sanctioning of loan; you can retire/resign.
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
