Dear Sir/ Madam,
I want to know what is the treatment to be given for Insurance Claim Received for damages in transit. Whether the same has to be shown in Income from Business/ Profession or is it to be shown under the head of Income from Other Sources.
Thanks and Regards,
Chandrakant
It will be considered as income from other sources.
hi
In my opinion insurance claim received from damages in transit should be shown under income from business & profession as it is in the normal course of business and related to business. Also the loss from damage of goods is shown in PGBP.
CAclubindia
