Cheque recorded but not cleared

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Shanti (Querist)
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19 July 2013 I have received a cheque on 30.03.2013 and deposited it on the same date but it was cleared by bank on 03.04.2013. Will the income to be considered in F Y 2012-13 or F Y 2013-14?
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CA Kapil Verma

CA Kapil Verma (Expert)
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19 July 2013 income should be recorded as per your accounting method i.e on accrual or receipt basis.

As per accrual basis the income pertained to F.Y 2012-13

Aashish Tiwari

Aashish Tiwari (Expert)
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19 July 2013 As per AS 9, revenue should be recognised at d time of sale or rendering service and there is no uncertainity in collection of revenue.. It should be in 12-13 if condition satisfied.

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Shanti

Shanti (Querist)
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19 July 2013 In case of gift cheque what should be done???

Shanti

Shanti (Querist)
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19 July 2013 In case of gift cheque what should be done???