Income from Cow
This query is : Resolved
13 August 2009
I m facing problem in Income Tax calculation. i.e.
1. I had 5 Cows during a FY 1 cow die & there increase 4 Cows. will that 4 cows by Income? can I claim loss of Cow? if y How Much? if i had insured that cow How much amt. should I claim from the insurance company?
2. If one cow is pregnant on end of FY. should I treat it as WIP. If Yes, HOw I calculate it??
3. If One of my cow give birth to two calves one male, one female. Can I treat it as Asset, if Yes Calculation???? Is it profit????
N tell me how to account??
1. I had 5 Cows during a FY 1 cow die & there increase 4 Cows. will that 4 cows by Income? can I claim loss of Cow? if y How Much? if i had insured that cow How much amt. should I claim from the insurance company?
2. If one cow is pregnant on end of FY. should I treat it as WIP. If Yes, HOw I calculate it??
3. If One of my cow give birth to two calves one male, one female. Can I treat it as Asset, if Yes Calculation???? Is it profit????
N tell me how to account??
13 August 2009
My Business is Earn from sale of Milk of Cow' By taking care of cow with me.
I m facing problem in Income Tax calculation. i.e.
1. I had 50 Cows during a FY 1 cow die & there increase 40 Cows. will that 40 cows by Income? can I claim loss of Cow? if y How Much? if i had insured that cow How much amt. should I claim from the insurance company?
2. If one cow is pregnant on end of FY. should I treat it as WIP. If Yes, HOw I calculate it??
3. If One of my cow give birth to two calves one male, one female. Can I treat it as Asset, if Yes Calculation???? Is it profit????
N tell me how to account??
I m facing problem in Income Tax calculation. i.e.
1. I had 50 Cows during a FY 1 cow die & there increase 40 Cows. will that 40 cows by Income? can I claim loss of Cow? if y How Much? if i had insured that cow How much amt. should I claim from the insurance company?
2. If one cow is pregnant on end of FY. should I treat it as WIP. If Yes, HOw I calculate it??
3. If One of my cow give birth to two calves one male, one female. Can I treat it as Asset, if Yes Calculation???? Is it profit????
N tell me how to account??
13 August 2009
Looking at ur q'ns i was also very curious as to wat ur business is. But that has been answered.
It i correctly remeber the answer to the q's are as follows:
1. Section 36(1)(vi) of the IT Act provides as follows:
(vi) in respect of animals which have been used for the purposes of the business or profession otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the assessee of the animals and the amount, if any, realised in respect of the carcasses or animals would be allowed as a deduction. Hence you will have to write off the cost of the cow.
How much can u claim from insurance company that the insurance co. can suggest u.
The additional cows that u got will be like bonus shares, only increase in number but no cost, i. e. free of cost.
2. U can treat is a WIP but as i already said the cost will be zero
3. Like bonus shares only increase in no. and no increase in cost.
It i correctly remeber the answer to the q's are as follows:
1. Section 36(1)(vi) of the IT Act provides as follows:
(vi) in respect of animals which have been used for the purposes of the business or profession otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the assessee of the animals and the amount, if any, realised in respect of the carcasses or animals would be allowed as a deduction. Hence you will have to write off the cost of the cow.
How much can u claim from insurance company that the insurance co. can suggest u.
The additional cows that u got will be like bonus shares, only increase in number but no cost, i. e. free of cost.
2. U can treat is a WIP but as i already said the cost will be zero
3. Like bonus shares only increase in no. and no increase in cost.
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