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Contingent liabilities

This query is : Resolved 

15 December 2016 1. We got notice from tds ward for defaulting late payment, short payment etc. Should I shown this tds default amount in contingency liability in the audited financial statement?
2. we also got service tax notice for disputes. we now go for appeal. Should I shown this amount as contingency liability or not?

15 December 2016 yes, do show it as contingent liability.

15 December 2016 If you agree with the demand then better to show it as Outstanding Liability




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