About Refundable deposit
This query is : Resolved
30 December 2010
plz Advised to me
A Pvt. Ltd co. deposit 65000/- for Telephone conection which is refundable but by mistake co. forgot to book it in their books of a/c. now after 4 year it was recd by co. now I want to know that how to give effect in companies books of a/c.
A Pvt. Ltd co. deposit 65000/- for Telephone conection which is refundable but by mistake co. forgot to book it in their books of a/c. now after 4 year it was recd by co. now I want to know that how to give effect in companies books of a/c.
30 December 2010
Firstly you should check the treatment given for such payment 4 years ago. If the same in dr. to P&L account then you need to booked as income when received.
As you stated that company forgot to book this in accounts. That means this is may be paid in cash because chq. payment can be traced by bank statement & can be easily identified. It is better to offer this to income. If you take a chance of not booking this as income then ITO may take a stand for concealment of assets & liability in the year of payment & may need to pay the fine/penalty.
As you stated that company forgot to book this in accounts. That means this is may be paid in cash because chq. payment can be traced by bank statement & can be easily identified. It is better to offer this to income. If you take a chance of not booking this as income then ITO may take a stand for concealment of assets & liability in the year of payment & may need to pay the fine/penalty.
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