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DEPB

1033 views 2 replies

vaibhav

student

253 Points Posted on 18 December 2009

As normally we pass the entry of DEPB/Advance licence in the books of account when it has been admitted and issued by JDFT. Either U may adjust with your import or U can sale it.

Debit DEPB/Advance Licence Receivable

Credit Export Incentive.

When U sale it

Debit Party A/c

Credit Receivable A/c"

that means credit export incentive treated as income?

Replies (2)

kumarsatish022

Professional

165 Points Posted on 03 January 2010

Yes as it is Trading reciept , hence credited to P.E.L A/c and taxable in the year of reciept under the head PBGP. thanks

Guest

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