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Penalty collected as bank charges from customer

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(Querist)
31 July 2012 treatment of Penalty charges collected from Customer on account of bouncing of Cheque

Treatment -
1 - Consider as a micellaneous income
2 - set off against Penalty paid to bank for bank charges.
3- any other treatment

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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
31 July 2012 kindly redraft ur query its looking confusing

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