Interested to Buy Any Domain ? << Click Here >> for more details...
Any income which is earned in the current financial year
(2009-10) but received in the assessment year(2010-11) wil
be taxable in the current financial year or not?
- 5 Answers
- 7443 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / suman.g
Current Financial year is 2009-10
Relevant assessment year is 2010-11
So income is earned and received in the same year and will be taxable in the current financial year 2009-10.
Even if the income is received in the Financial year 2010-11, it will be taxable in the Financial year 2009-10, since books will be generally maintained on accrual basis.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / joginder singh
Every income which is earned in the current financial year
(2009-10 is taxable.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vijay
Current Financial year is 2009-10
Relevant assessment year is 2010-11
So income is earned and received in the same year and will
be taxable in the current financial year 2009-10.
Even if the income is received in the Financial year
2010-11, it will be taxable in the Financial year 2009-10,
since books will be generally maintained on accrual basis.
| Is This Answer Correct ? | 0 Yes | 0 No |
DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in haryana. The company's sales in the year ending on 31st march 2007 were Rs.1000 million(Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of the company is 14 percent.The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30 million per annum. The plant can be sold for Rs.200 million: (a) The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annum installment of interest and repayment of principal. (b) A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: (1) Should the company expand its capacity? show the computation of NPV. (2) What is the annual installment of bank loan? (3) calculate the quarterly installment of the financial institution loan. (4) should the company borrow from the bank of from the financial institution?
Explain what is account receivable?
what is current rate of excise duty in india
what is the method deposit of wct in Delhi
Do is it proper fo an engineer to head a bank without a good backgroud in accounting? ?
What is the difference between accrual
what is valuation code and valuation modifier in sap fico
shyam consigned 200000 unit @ rs 5/-each to mr ram and paid freight and insurance amounting to rs 100000.ram spent further following amount: 1) insurance rs 5000 2) godown rent rs 4000 3) clearing rs 6000 2000 unit were damages during transits due to heavy rains. Ram sold 100000 unit @rs 10 per unit . ram realisec solvage value of damage unit rs .2000 ram is get 5% commission on sale determine the abnormal loss?
Do you know what qualities and skills make an account manager successful?
How to approval an invoice
What is meant by Accounting Cycle....
in tally in contra is possible to create the ledger for rent
Audit 
