AGRICULTURAL INCOME ON ACCRUAL BASIS
This query is : Resolved
10 December 2020
In general we harvest cotton in January and the same got sold before march but due to corona and other reason for this year we were not able to sold the same and stock of cotton lying with us. For past year we followed cash system for booking agriculture income.
- Now my question is Can we book Agricultural Income on accrual basis? If yes at which price ( we sold cotton in the month of May - 2020)?
- If yes what effect needs to be given in Income Tax return?
- Now my question is Can we book Agricultural Income on accrual basis? If yes at which price ( we sold cotton in the month of May - 2020)?
- If yes what effect needs to be given in Income Tax return?
CA R SEETHARAMAN
(Expert)
10 December 2020
Yes, accrual basis declare agricultural income based on actual selling price of May 2020.
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