Schedule vi new format
This query is : Resolved
PIYUSH SINGLA
(Querist)
03 August 2012
As per Schedule vi (revised)
Revenue from operations includes:
-Sale (Manufacturing/Retail)
-Service
Now, my question is, if Income from House Property is the main source of income of a business then where it will be shown ?
In income from operating activities
or
In income from non-operating activities ?
Revenue from operations includes:
-Sale (Manufacturing/Retail)
-Service
Now, my question is, if Income from House Property is the main source of income of a business then where it will be shown ?
In income from operating activities
or
In income from non-operating activities ?
CA Manoj Kumar Rai
(Expert)
04 August 2012
Dear piyush,
In revised schedule A S override the format.If main activity is renting the property , rent will be income from operating activity . here key word is 'main source of income'.In this situation as perAS-3,it will beincome from operating activity.
In revised schedule A S override the format.If main activity is renting the property , rent will be income from operating activity . here key word is 'main source of income'.In this situation as perAS-3,it will beincome from operating activity.
PIYUSH SINGLA
(Querist)
04 August 2012
AS-3 talks about Cash Flow statements.
Please enlighten me more on this particular issue.
Please enlighten me more on this particular issue.
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