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?
10 December 2020
Yes, accrual basis declare agricultural income based on actual selling price of May 2020.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Form 121 & TDS deduction
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Invoice V/S Goods receipt Note Date
- Transporter Declaration form
- Multiple trade mark
- E-Invoice applicability for new Startup
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
