Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
D. Forum
What's New


Discussions Forum
Home Forum Accounting - Auditing This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

DUTYDRAWBACK, Accounting - Auditing

Issue Id: - 106945
Dated: 25-6-2014

  • Contents
A Ltd. Co. made export sales in Financial Year 2013-14. Total 9 Invoices were raised. It is in receipt
of duty drawback in respect of such export sales. It received duty drawback in respect of certain   
invoices in Financial Year 2013-14 and in respect of certain invoices received in Financial Year 2014-15.
Query is ::                
The amount received as duty drawback in F.Y. 2014-15 in respect of invoices raised in F.Y. 2013-14
will be treated as income in F.Y. 2014-15 or will be booked as income recoverable in F.Y. 2013-14.  

Posts / Replies

Showing Replies 1 to 1 of 1 Records

1 Dated: 25-6-2014

As per my view, income earned as duty drawback on export during 2013-14 is to be booked during 2013-14 irrespective of duty drawback actually received from department during 2014-15. The same would be booked as per the shipping bill generated because the shipping bill contains the amount of duty drawback sanctioned.


Old Query - New Comments are closed.

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||