If a company did a billing of 10L in a FY but received 5L from clients, then they are suppose to file return as per 10 L or 5 L? or they can do either?
1 Replies
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 29 December 2018
That depends whether you are following cash basis or mercantile basis of accounting. In general practice, Mercantile Accounts system is followed and then you have to consider 10 Lac as your Turnover.
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