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?
Answer Posted / 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 |
Post New Answer View All Answers
What is debit and credit note?
how will you adjust voluntary seperation payment in cash flow statement
How to pass the entry in tally for demolished of building?
Tell me what is the general classification of accounts that usually ledger account involve?
the selling price of a prouduct of vintex limited inclusive of basic excise duty 16% and education cess 2% and SAH cess 1% is rs 3002. find the assessable unit of prouduct?
my company taken a hdfc car loan rs.355493/= but bank received only 347345/= .after received the amount company purchase the car. after that regular emi paid to hdfc bank.
{in tally}in inventory info what is (stock group, stock categori, stock item,reorder levels) why we has to prepare them?
journal entries for money received from RBI by the banks IN CASE OF INSUFFICIENCY
how to create salary and pf statement in excel sheet?
Tell me what is the difference between accumulated depreciation and depreciation expense?
Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
salary entry with briefly including pf,esi,employee advances -journal entry with against payment entry
what will be the entry for inventory
x pay incentive to y with tds@10%.what is the journal entry in the books of x & y?
please explain all accounting concepts n conventions in detail