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Warranty charges with held

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2011 One of my client is a sub contractor. on completion of sub contract work, he receiveds only 80% bill out of 100% bill. What is a/c tretement & income tax position.
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ACMA Obulirajan R

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ACMA Obulirajan R (Expert)
16 October 2011 You have to recognise 100% income in your books for income tax purpose.

The balance 20% should show in Accounts receivable A/c.
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2011 Thanking U, The Balance 20% is non refundable, Should I claim as Exp. in Profit & Loss a/c
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ACMA Obulirajan R

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ACMA Obulirajan R (Expert)
18 October 2011 May be you can writeoff the 20 % bad debts.

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