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TMI BlogTurnover Discount TreatmentX X X X Extracts X X X X X X X X Extracts X X X X ..... What should be treatment of Turnover based discounts received (without GST as per Section 15(3)(b) ) in Trading Account ? - Reply By Padmanathan Kollengode - The Reply = I am not an expert in Accounting Standards/ Auditing etc... Just sharing practical issue which I have seen and using this query to enrich my knowledge also (with you permission) If Turnover discount is shown as separate item ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the income side of Trading Account, the Department is trying to tax it and thus, exposes to unnecessary litigation. can it be shown as deduction from purchases has to be explored. - Reply By KASTURI SETHI - The Reply = Sh. Raman Singla Ji, The query is too brief to reply. Pl. elaborate. You will have to be very very careful while drafting terms and conditions in the agreement with the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealer/distributor etc. Correct and concrete reply is not possible without elaboration of your query. - Reply By Raman Singla - The Reply = 1. Discounts to be received on the basis of Turnover( Purchase ) from Seller , it is on the basis of structural discounts as per purchase agreement , which is depends totally on purchase turnover. 2. Discounts to be received are in the form of Commercial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit Notes without GST..(No GST is reversed). 3. What should be the treatment of Credit Notes described above in the books of Buyer/Purchaser? a. Whether such received discount should reduce from purchase in trading account? b. or it should be shown as indirect income? Any other clarification will be briefed. Thanks for your kind reply and participation. - Reply By KASTURI SETHI - The Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... = Sh.Raman Singla Ji, I intend to email an article on this very issue. Your email ID is required. - Reply By Raman Singla - The Reply = thanks for you kind concern over the topic My email-id is [email protected] - Reply By KASTURI SETHI - The Reply = The article emailed. - Turnover Discount Treatment - Query Started By: - Raman Singla Dated:- 20-6- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2023 Accounting - Auditing - Got 6 Replies - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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