Suppose a payment was received for providing services as, sundry credit in this year. Can this sundry credit be shown as income for next year?
Abhishek
(Chartered Accountant)
(149 Points)
Replied 09 October 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 10 October 2021
Abhishek
(Chartered Accountant)
(149 Points)
Replied 10 October 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 11 October 2021
If received in advance, then in the year of receipt, it can be shown as advance received from customers (under current liability) and subsequently when the service is provided, invoice can be raised.
b
(na)
(56 Points)
Replied 12 October 2021
Originally posted by : CMA Poornima Madhava | ||
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If received in advance, then in the year of receipt, it can be shown as advance received from customers (under current liability) and subsequently when the service is provided, invoice can be raised. | ![]() |
Can then the amount received as advance be also shown as an income in next financial year?
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 12 October 2021
Originally posted by : b | ||
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Originally posted by : CMA Poornima Madhava If received in advance, then in the year of receipt, it can be shown as advance received from customers (under current liability) and subsequently when the service is provided, invoice can be raised. Can then the amount received as advance be also shown as an income in next financial year? |
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Yes, it can be shown
b
(na)
(56 Points)
Replied 13 October 2021
Originally posted by : CMA Poornima Madhava | ||
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Originally posted by : b Originally posted by : CMA Poornima Madhava If received in advance, then in the year of receipt, it can be shown as advance received from customers (under current liability) and subsequently when the service is provided, invoice can be raised. Can then the amount received as advance be also shown as an income in next financial year? Yes, it can be shown |
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Can the company show this payment in their Form 16A for this quarter in this year for the Form 16A for the person who is providing the service and getting this payment from company in advance?
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