Receiving payment as a compensation

A crane given on hire. Since the crane is under repair, not raising invoice for the crane hire and not receiving income for the hired crane. It is still with the party taken hire.

An amount received from the party taken the cane on hire, a compensation of 3 lacs.

How to account this receipt.Whether we have to raise invoice for the crane given on hire ? Any Statutory implications ?

Please guide for all the 3 queries

Replies (1)
Issue invoice and charge Gst @ 18% on hire charges

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details