Sales entry vs Journal entry
This query is : Resolved
Quick Summary
Sanjay Sharma
(Querist)
02 July 2022
Dear Experts, one of our company dealing in service sector. Accountant uses Tally as accounting software. He entered all the sale / purchase bill in journal entries in Tally as there is no need to maintain inventory. Are these entries okay or not as per Company's Act or Income Tax Act.
will income tax department disallow all the revenue just because of this (sales entry in journal in Tally).
Thanks in Advance
will income tax department disallow all the revenue just because of this (sales entry in journal in Tally).
Thanks in Advance
CA R SEETHARAMAN
(Expert)
02 July 2022
These entries okay as per companies Act and income tax act.
Receipt and payment made through debtors and creditors.
Receipt and payment made through debtors and creditors.
Sanjay Sharma
(Querist)
05 July 2022
Thanks Seetharaman Ji
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