Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Direct incomes

14 June 2016

Dear All, Can anyone enumerate the compliance related points in relation to vouching of direct incomes,indirect incomes,indirect expenses.?

Reply
Follow
Share

2 Replies

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 14 June 2016

Hi Nihit,

Regarding the direct Income, just see whether proper tax like VAT, Service tax or other taxes has been appropriately charged im the bills and accordingly the same taxes has been paid to the government.

Indirect expenses has been supported by bills been approved by the competent person, does not cover prior period and if any tax paid on the same the appropriate credit has been taken on the same.

Indirect Income source, the constituent or its proportion in the total sales. Any statutory liability arising on it has been accordingly charged and has been discharged.