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...I am proprietor of a firm and is registered ...

...I am proprietor of a firm and is registered as distributor with a leading Paint company. I hav...

...I am proprietor of a firm and is registered as distributor with a leading Paint company. I have qualified for a foreign trip scheme against sales achieved. The company has asked that they would be issuing us with a CN of Rs 2.5 lacs & we (My Firm) would in turn pay the travel agency. The travel agency would be issuing us with invoice against travel. My question is :- 1. Will this CN issued on the name of my firm would straight away become my income ? 2. Can this be set off against invoice issued by travel agency?

...I am proprietor of a firm and is registered as distributor with a leading Paint company. I have qualified for a foreign trip scheme against sales achieved. The company has asked that they would be issuing us with a CN of Rs 2.5 lacs & we (My Firm) would in turn pay the travel agency. The travel agency would be issuing us with invoice against travel. My question is :- 1. Will this CN issued on the name of my firm would straight away become my income ? 2. Can this be set off against invoice issued by travel agency?

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