Reimbersment expenses
This query is : Resolved
19 March 2014
Dear Expert,
We are providing event management services for which we billed to our client for our services and includes expenses done for providing services as pure agent. Now we want to know whether reimbursement expenses charged by us in invoice will come in income side or not. whether total bill including reimbursement charges will be calculated as our turnover for Tax Audit.
Eg. Reimbursement charges 9,00,000/- and our commission 1,00,000/- Total bill 10,00,000/- Whether 9,00,000/- recovered has to shoe in income side and whether 10,00,000/- total amount to be count for tax audit or 1,00,000/- only
We are providing event management services for which we billed to our client for our services and includes expenses done for providing services as pure agent. Now we want to know whether reimbursement expenses charged by us in invoice will come in income side or not. whether total bill including reimbursement charges will be calculated as our turnover for Tax Audit.
Eg. Reimbursement charges 9,00,000/- and our commission 1,00,000/- Total bill 10,00,000/- Whether 9,00,000/- recovered has to shoe in income side and whether 10,00,000/- total amount to be count for tax audit or 1,00,000/- only
19 March 2014
NO ONLY RS 1,00,000 WILL BE CONSIDERED AS YOUR INCOME
19 March 2014
thanks but I need more clarity whether I have to show this 900000/- in Income side of Profit and loss if not then where it will be booked in accounts .
19 March 2014
NO REIMBURSEMENT OF EXP. IS NOT TREATED AS INCOME ...NO NEED TO SHOW IN THE BOOKS OF ACCOUNTS ALSO AS IT WILL BE NIL AT THE YEAR END
19 March 2014
FURTHER FOR YOUR INFORMATION NO TDS IS APPLIED ON REIMBURSEMENT OF EXP.. DONT WORRY
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