banner_ad

Sale of duty script

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 February 2014 Greeting.... sir, We are partnership firm engaged in Import & Export, we have received the transferable Duty script under Chapter 3 incentive scheme of Foreign Trade policy. We have sold the duty script at the par value and have paid VAT accordingly, now i need to know if this income is charged under Income tax act or is there any exemption. if chargeable should it be included as indirect Income on Credit side of P&L a/c or should be shown as income from other source or is there any deduction we can claim. Thanks Kiran
Profile Image

C.A. Mayur J. Raiyani

Profile Image

C.A. Mayur J. Raiyani (Expert)
08 February 2014 the income is considered as business income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details