in which A/c????

Friend

This 25000 can be treated as discount received

There is no limit for Excess / Short A/c as per income tax Act 1961

hii....

m l'le bit not sure abt charging such huge amount under DISCOUNT RECIEVED.....

in short & excess a/c.

in short & excess a/c.

I agreed , It must be shown as discount received. Logic behing this, it will be treated as income and will be credited in Profit & Loss A/c. The effect will increase in Net Profit.   - Anil Kumar, Triburg

The said amount of Rs25,000 can be taken as Kasar which is another name of Discount

It must be shown as discount received But You must provide Debit Note for discount received. Becoz in future Income Tax or Excise officer asked about this matter. Ok.

It depends on the facts and circumstances of the case. If it is found that the excess credit was made due to error and omission then it should be credited to prior period income. If it is not traceable then it may be credited to discount a\c.

It depends on the facts and circumstances of the case. If it is found that the excess credit was made due to error and omission then it should be credited to prior period income. If it is not traceable then it may be credited to discount a\c.

The Balance amount Rs.25000/- has to be accounted in OTHER INCOME

i agree with Mr. Anil

the said amount may be treated as discount recieved as there is only one way that it should be credited to P/L Account.