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Section 70: Accounting of Rental Income and Special Demands

The Karnataka Municipalities Accounting and Budgeting Rules, 2006.State Rules of Karnataka · 1964

(1) Rental income shall be accrued on a half yearly basis, in accordance with Chapter 4 of the rules.

(2) Any other amount which is receivable and included in the special DCB register in KMF No 25 shall also be accounted as accrued income in accordance with Chapter 4 of the rules.

(3) Provision for unrealised rental income and any other income accrued as per sub rule (2) above shall be made at the end of the year in accordance with the following norms:

(i) 50% of the amount outstanding for more than 2 years, but not exceeding 3 years;

(ii) 100% of the amount outstanding for more than 3 years.

(4) Such a provision shall be made on an overall basis in the books of account and neither any change shall be made in the DCB Register, nor shall this be treated as a reduction of 43 demand or write-off. Action shall be continued to be taken to collect the outstanding amounts by legal means provided under the Act.

Where this provision sits

ActThe Karnataka Municipalities Accounting and Budgeting Rules, 2006.
Section70
Marginal noteAccounting of Rental Income and Special Demands
JurisdictionState of Karnataka
StatusIn force as published by the source

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