REVENUE RECONITION
This query is : Resolved
CA MAHESH V GHELANI
(Querist)
04 October 2010
FOR THE YEAR 2009-10 ON 31ST MARCH 2010 L& t CO. HAS DEDUCTED TDS ON CONTRACT FOR RS.2,50,00,000.00 @ 2% BUT WE HAVE WORK DONE ONLY 28,00,000.00 HOW THES REVENUE ACCOUNTED IN MY BOOKS OF ACCOUNT.
CA Suraj Lakhotia
(Expert)
04 October 2010
Tax is to be deducted at the time of Payment or credit whichever is earlier.
L&T would have deducted Tax on advance paid by it to you. You need to account work completed as revenue. The remaining amount is to be shown as Advance Received under current liabilities.
L&T would have deducted Tax on advance paid by it to you. You need to account work completed as revenue. The remaining amount is to be shown as Advance Received under current liabilities.
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