bujjulu (e-TDS + IT return filer Hyderabad) (729 Points)
03 July 2013Client a newspaper agent has more than 3 agencies for news papers. ! news paper gives the sales and the commission he has earned separately.
another news paper gives the total bill it does not indicate the commission earned.
Now while arriving at the total income What amount should I take it as his revenue.(i.e. receipts)
Commission indiacacted by 1 newspaper + (Sales - expenses of the other newspapers)
Professional please clarify.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3549 Points)
Replied 06 July 2013
Calculating a business's income is essentially deducting the costs and expenses from its profits. The Securities and Exchange Commission recommends that you think of it as a set of stairs, where you start at the top with the total amount of sales made during the accounting period, and with each step down you make a deduction for certain costs or other operating expenses associated with earning the revenue. At the bottom of the stairs, after deducting all of the expenses, you learn how much the company earned or lost during the accounting period. Most accounting software, such as QuickBooks, calculates the business income automatically based on the information you enter throughout the accounting period.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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