Sale of duty script
This query is : Resolved
08 February 2014
Greeting.... sir, We are partnership firm engaged in Import & Export, we have received the transferable Duty script under Chapter 3 incentive scheme of Foreign Trade policy. We have sold the duty script at the par value and have paid VAT accordingly, now i need to know if this income is charged under Income tax act or is there any exemption. if chargeable should it be included as indirect Income on Credit side of P&L a/c or should be shown as income from other source or is there any deduction we can claim. Thanks Kiran
08 February 2014
the income is considered as business income
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