Sale of calf
This query is : Resolved
08 January 2014
SIR I AM RUNNING A DAIRY FARM FOR THE LAST SEVERAL YEARS. SIR FEW YEARS AGO SOME CALF BORN.I HAVE BEEN PROVIDING THEM REGULAR FEEDING.
SIR TODAY I HAVE SOLD OUT 4 CALF FOR RS. 100000/-
SIR PLEASE GUIDE ME THAT WHAT WILL BE TAX TREATMENT
SIR TODAY I HAVE SOLD OUT 4 CALF FOR RS. 100000/-
SIR PLEASE GUIDE ME THAT WHAT WILL BE TAX TREATMENT
CA PARAS BAFNA
(Expert)
08 January 2014
You have directly not incurred any cost in purchasing a calf. Still, its day to day feeding has costed to your business and the same was charged to profit and loss account.
So, you are selling the "calf" just like a product on which you have incurred only revenue expenditure. So, in my view, you have to credit the amount so received to P&L A/c.
.
There may be many other views on this matter. Please wait for the expert's view.
So, you are selling the "calf" just like a product on which you have incurred only revenue expenditure. So, in my view, you have to credit the amount so received to P&L A/c.
.
There may be many other views on this matter. Please wait for the expert's view.
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