A department has wrongly deposited a bill amount Rs 25lac in March 19. now the file has to be audited how to dealt with this 25lac as this not my income and i am not going to pay tax on this amount.
Plz guide what will be the treatment in this case.
25 September 2019
Sir my query is pdw department has credited a amount of 25lak in my account.But the amount has been credited by mistake by department on march 19.Now as this 25lac comes to my account as mistake,i cannot show this in IT Return. So what treatment can be done .
26 September 2019
Are discuss the matter to the dept...?!
If Yes and get remedy then Book the amount in the name of PWD dept ledger. Keep it balance. Pay the amount to PWD.
26 September 2019
Sir, amount came in my account in FY 2018-2019. I have return in FY 2019-20, In my bank record transaction has been shown that amount of Rs 25lac has been credited and later has been withdrawl. Now at the time of preparing Trading P& L Account is this amount came,what will be impact in balance sheet.
26 September 2019
No dear... How is it receipt...? If it's wrongly credited then You just account in current liability and after that repayment then it's going to zero...
CAclubindia
