Provision for rate increase/decrease

314 views
User Avatar

3 Points Posted on 16 September 2023
provision for supplementary price increase decrease for raw material exempt or not in income tax?
actual supplementary debit note received in next finance year
0 Reply Share Follow
On 16 September 2023 at 20:57 Report
Replies (2)
Quick Summary
This discussion explores the accounting and tax treatment of provisional entries for supplementary price changes in raw materials. It clarifies that making provisional entries impacts the current year's accounts. Crucially, it highlights that UK income tax rules do not automatically allow for supplementary price increases to be offset by corresponding raw material price increases.

User Avatar

"Do the Right Thing...!!!"
128162 Points Posted on 16 September 2023
If we provide provisional entries then its impacted in the Accounting of the same year.
Reply
On 16 September 2023 at 23:30
User Avatar

Profession
28271 Points Posted on 19 September 2023
There is no rule in income tax by which any price increase can be supplemented by corresponding raw material price increase.
Reply
On 19 September 2023 at 06:27

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. CA Fees deduction for non audit case allowed?
  2. 5th Letter PAN Mismatch with Surname issues still
  3. Criteria to hire an article
  4. Guidence requested for a Finance Professional with
  5. Expert Opinion Required – Form 140 Gross Amo
  6. WRONG TAX DEMAND - formal responses , rectificatio
  7. Foreign remittance
  8. Affordable Residential Flats in Gurgaon
  9. Manufacturing
  10. TAN REGISTRATION ON E-FILLING SITE

More recent discussions | Post

Related Topics :

Loading