Warranty charges with held
This query is : Resolved
Querist : Anonymous
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.
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.
The balance 20% should show in Accounts receivable A/c.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 October 2011
Thanking U, The Balance 20% is non refundable, Should I claim as Exp. in Profit & Loss a/c
18 October 2011
May be you can writeoff the 20 % bad debts.
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