Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

AA-28 Receipt Recording

311 views

Save Share

My Videos

Accounts Officer

563 Points Posted on 20 July 2023

All Respected Members,

please educate me on following:

a firm received cheque dated 30th may, 2023 on 3rd April 2023. Client deducted income tax from payment and deposited it for fiscal year 2023.

in which fiscal year firm should record this receipt ? For FY 2023 or FY 2024 ?

Thanks in advance for your precious time and efforts to reply this query,

Replies (5)

Quick Summary

This discussion addresses a query regarding the correct fiscal year for recording a receipt when a cheque dated 30th May 2023 was received on 3rd April 2023, with income tax deducted by the client. The consensus is that the receipt should be recorded in FY 2024. The conversation also touches upon the procedure for adjusting TDS deductions at the end of the fiscal year, with a specific YouTube video linked for reference.

NARENDRA

ACCOUNTS MANAGER

1041 Points Posted on 21 July 2023

When they got the cheque & deposited IT in to the bank .............

My Videos

Accounts Officer

563 Points Posted on 21 July 2023

Dear Narendra Sir,

Thanks for your reply.

You means it will be recorded or considered receipt for the fiscal year 2024 ?

NARENDRA

ACCOUNTS MANAGER

1041 Points Posted on 22 July 2023

Yes............. .........

My Videos

Accounts Officer

563 Points Posted on 23 July 2023

Dear Narendra Sir,

Thanks for confirmation.

Can you please educate me about procedure of adjustment of TDS deduction at the end of fiscal year.

I watched an video on YouTube in which a person was adjusting TDS deduction amount by income tax expense account.

is it better way of adjustment?