03 June 2011
one of our client received payment in advance for a non-civil contract on 16/03/2011. he also made the provision for service tax and paid on 31.03.2011. Now as per service tax law it is cumpolsury to raise the invoice within 15 days of advance payment received. my client raised the invoice also on 31.03.2011. But my friends the contract is not started in F.Y. 2010-2011 but it is started in April 2011. Now i want to know how we can recognice the revenue for F.Y. 2010-2011 for this part. Please tell me asap
CAclubindia
