One of my client is providing training to the students,
they are collecting enterence deposit from student which can be refunded within 5 days if student wish to discontinue.
Upon confirmation, the remaining fees are collected either upfront or on installment basis.
Now my question is, after introduction of POINT OF TAXATION , at wat time and upto what amount the income should be recognized and ST should be paid on what amount? Full fees receivable or installment received.
And can we show the initial enterence fee as deposit and upon confirmation the same is transfered to fees account.
CAclubindia
