Tax implication on accrued income

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Arunoday singh (Querist)
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15 March 2020 Hi,
I'm Arunoday, after quitting my job, i started my distribution business in November 2019.
I want to ask if i have to pay tax for FY 2019-20 based on below transaction:

Sales: 2,25,00,000/- (Payment received 50,00,000, balance payment will come in next FY)
Purchases: 2,00,00,000/- (Payment made 70,00,000, balance payment will be done in next FY)
Other Expenses: 7,00,000/- (Warehouse rent, transport, salary, misc.)
Gross profit 18,00,000/-

Can you please guide if i have to pay tax on accrued income? most of the payments i will receive in next FY.

Warm Regards,
Arunoday Singh
Apache Agencies

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 March 2020 Yes you have to pay tax based on accrued income Before filing the return you will receive the payment so pay tax based on accrued income.

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