SOCIETY GRANTS
This query is : Open
06 September 2023
A society having 80G & 10AC(12A) worked for a training project in hills sponsored by Govt of Uttarakhand.
The work was completed in FY 22-23 & bills submitted to govt in March 23.
The State Govt booked the bills in FY 23-24 Cleared the Bills in FY 23-24.
The expenses were payable by 31.03.2023 & paid after receipt in May 23.
How do we treat the receipts in I/E account for the FY 22-23
The work was completed in FY 22-23 & bills submitted to govt in March 23.
The State Govt booked the bills in FY 23-24 Cleared the Bills in FY 23-24.
The expenses were payable by 31.03.2023 & paid after receipt in May 23.
How do we treat the receipts in I/E account for the FY 22-23
07 September 2023
You can book the bills in FY 22-23.
Receiver will be account the inward as date of receipt of invoice or date of approval. This is not effective in your books of Accounts.
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