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Accounting for perquisite received in course of business
if a firm/person is get sponsored by manufacturing company for free foreign tour due to completion of sales target so does it is recorded in the books of account of person (receiver of perquisite)
Replies (4)
No, It's in the sponsership company's books
There is no sponsorship which is exempt from highest tax bracket called entertainment. There is no other nomenclature for your query.
Ok so no entries and accounting in the books of receiver of perquisite
To think about it again book a gift or incentive for it
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