Discount
This query is : Resolved
26 August 2014
We have a client & the same is recording discount on Previous years Sale in this year due to the fact that approval is received in the current year.....
My question is that if the same would be allowed in the current year as per Accounting Standard & Income tax act point of View ?
Thanks & Regards
Anjana
My question is that if the same would be allowed in the current year as per Accounting Standard & Income tax act point of View ?
Thanks & Regards
Anjana
27 August 2014
Yes, this can be accounted as current year cost in accounts. However, if it is specifically termed as Discount for previous year sale, Income tax officer may litigate on this.
Hence, instead of disclosing the same as discount for last year, you can term it as additional discount given in the current year considering the performance of the last year.
Hence, instead of disclosing the same as discount for last year, you can term it as additional discount given in the current year considering the performance of the last year.
Message likes :
1 times
27 August 2014
But if the debtors are maintained in tally Invoice no wise & the same is adjusted in the current period against previous year sale invoice than this adjustment in Tally will itself a proof for that it is for pevious year .....How can one avoid it
27 August 2014
Instead of adjusting it to previous year invoice, you adjust it to the appropriate oldest outstanding invoice in current year so that it will be discount for current year and debtors aging will also come down.
27 August 2014
if your discount debit note is current year then you can take claim otherwise its prior period exp.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
