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Recogniation of income

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(Querist)
16 September 2011 My question is if I sign a Works contract in Feb 2011 and received advance in March 2011 but the works actually started in April 2011 can I book advance received as my income on 31st March 2011 as income for the F Y 2010-11. pls suggest
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Hari Beldona

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Hari Beldona (Expert)
16 September 2011 No, you have to show under Current liability under the head of account -Advance received from contractor.
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
29 September 2011 Mr. Hari is absolutely right and also the advance money is to recorded as income on proportionate method
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