Termination of agreemnet & compensation
This query is : Open
17 February 2009
There is a pre-termination agreement between two companies, and one compnay is getting compensation in 45 nstallments... balance peried of agreemnet 36 months. whether we need to account it on accrual basis or receipt basis?.. Tax is applicable on accrual or receipt? pls advice
17 February 2009
MR NAIR PLS PROVIDE THE DETAIL NATURE OF TRANSACTION
17 February 2009
Depends upon the method of accounting followed by the assessee.
If its accrual, then accrual and so forth.
If its accrual, then accrual and so forth.
17 February 2009
agreements is for providing atm service to a bank. now bank wanted to terminate it and ready to give compensatiion in 45 instalments... balance period of contract is 36months. how we have to account it and whether tax will come on accrual or receipt basis.. any case studies are there?
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