one query from leasing chapter.
" In case of advance receipt of lease rentals (income for lessor) , we apply tax in the year of receipt, whereas we take the benefit of tax on lease rentals (expense for lessee) in the next year of lease."This is given in book of AN Sridhar .
But i think advance receipt of lease rent is not an income of lessor it is in the nature of "advance from customers" & tax liability will arise at the end of year.
Please go through my query, and reply as soon as possible.
Please go through my query, and reply as soon as possible.
CAclubindia
