My Pvt Ltd company raised bills of 75 lacs during the year.Its client deducted TDS on the complete amount.
My actual recovery from the debtor for the year is 10 lacs only. The balance IS NOT BAD DEBT, IT IS RECEIVABLE IN THE FOLLOWING YEAR.
IS IT POSSIBLE FOR MY COMPANY TO MAINTAIN THE BOOKS ON CASH SYSTEM INSTEAD OF ACCRUAL?
PLEASE HELP SAP.
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Boa u/s 209 on cash basis
Replies (2)
no, it is not possible. cash acoounting system is only for proffessionals.
and i think your question about income. whether income is book on cash basis or not
you book income as a whole on recievable basis
journal entry will be:
recievable...dr
tds....dr
income cr
thanks. cash is nt allowed at all for pvt ltd.
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