03 August 2012
As per Schedule vi (revised) Revenue from operations includes: -Sale (Manufacturing/Retail) -Service
Now, my question is, if Income from House Property is the main source of income of a business then where it will be shown ? In income from operating activities or In income from non-operating activities ?
In revised schedule A S override the format.If main activity is renting the property , rent will be income from operating activity . here key word is 'main source of income'.In this situation as perAS-3,it will beincome from operating activity.
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