Income counting
This query is : Resolved
Shivendra Singh
(Querist)
04 April 2019
If I sold my agricultural produce in july 2018 and got receipt slip at the time of sale but I received payment in April 2019. Then in which Financial Year this income would be counted ?
Thanks
Thanks
CA PARAS BAFNA
(Expert)
05 April 2019
The method of accounting followed in respect of other taxable income is relevant.
If mercantile basis is adopted , it can be counted in FY 2018-19. If Cash basis is followed -It will be counted in FY 2019-20.
If mercantile basis is adopted , it can be counted in FY 2018-19. If Cash basis is followed -It will be counted in FY 2019-20.
Shivendra Singh
(Querist)
09 April 2019
Thank you sir for minute detail
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