Answer / shivendra dutt

YES

Answer / suman.g

Current Financial year is 2009-10
Relevant assessment year is 2010-11

So income is earned and received in the same year and will be taxable in the current financial year 2009-10.

Even if the income is received in the Financial year 2010-11, it will be taxable in the Financial year 2009-10, since books will be generally maintained on accrual basis.

Answer / joginder singh

Every income which is earned in the current financial year
(2009-10 is taxable.

Answer / vijay gombi

yes

Answer / vijay

Current Financial year is 2009-10
Relevant assessment year is 2010-11

So income is earned and received in the same year and will
be taxable in the current financial year 2009-10.

Even if the income is received in the Financial year
2010-11, it will be taxable in the Financial year 2009-10,
since books will be generally maintained on accrual basis.

A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.

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