Dear All,
What will be the tax liability under given scenario:?
Total Rent received on 05/01/2019 - Rs.4,02,000/-
Break up of Rs. 402000:
Rs.1,00,500 for Period January to March 2019
Balance Rs. 3.01.500 for Period April to December 2019.
My query is whether the advance rent received for next financial year will be taxed in FY 2018-19?
CAclubindia
