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.
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