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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?
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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.
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