Impact on income tax payment in e-auction of iron ore in ka
This query is : Resolved
17 December 2011
Dear All,
I working as Accounts Officer in Iron Ore Company in State of Karnataka. As many people know that Iron Ore Operation is banned by Supreme Court and Supreme Court has directed Monitering Committee to E-auction the Iron ore for Domestic Steel Industry. The Entrire Auctioned Iron Ore is governed by Monierting Committee and even in the Bid/ Sales Order Monertering Committee has mentioned as Seller and location of Iron Ore belongs to Mine Owner where iron ore stocked.
The Proceeds of the E-auctioned Ore will be taken by the Moneting Committe directly from the Bidder in advance. Actually we dont know when the Mine Owners receive the Bidding Proceeds from the Monitering Committee. As per the roumers we may receive the proceeds from the Monitereing Committee within this financial year or it may take more than a year.
My question is whether we have to consider the Income on the accrual basis or on received basis as this is governed by Supreme Court.
Please help me in this regard and suggest me if there is any case law.
Regards,
Srikanth.R
email id srikanthr1984 @ gmail.com
I working as Accounts Officer in Iron Ore Company in State of Karnataka. As many people know that Iron Ore Operation is banned by Supreme Court and Supreme Court has directed Monitering Committee to E-auction the Iron ore for Domestic Steel Industry. The Entrire Auctioned Iron Ore is governed by Monierting Committee and even in the Bid/ Sales Order Monertering Committee has mentioned as Seller and location of Iron Ore belongs to Mine Owner where iron ore stocked.
The Proceeds of the E-auctioned Ore will be taken by the Moneting Committe directly from the Bidder in advance. Actually we dont know when the Mine Owners receive the Bidding Proceeds from the Monitering Committee. As per the roumers we may receive the proceeds from the Monitereing Committee within this financial year or it may take more than a year.
My question is whether we have to consider the Income on the accrual basis or on received basis as this is governed by Supreme Court.
Please help me in this regard and suggest me if there is any case law.
Regards,
Srikanth.R
email id srikanthr1984 @ gmail.com
19 December 2011
IT WILL DEPEND UPON UR ACCOUNTING SYSTEM IF U FOLLOW CASH BASIS THEN ON RECEIPT ONLY7 AND IN CASE OF MERCANTILE THEN ON ACCRUAL BASIS
CA MANOJ GUPTA'
JODHPUR
09828510543
CA MANOJ GUPTA'
JODHPUR
09828510543
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
