taxation of income from sale of milk
This query is : Resolved
mayank chhajed
(Querist)
06 December 2016
income from sale of milk whether taxable as businesses income or other income and if taxable as businesses income how accounting entry would be passed in books as the assesse have cows which is a source of milk for the assesse and how to show cows as assets in books
CA Suresh Jain
(Expert)
07 December 2016
Business Income. Cows are Biological Assets and should shown in Balance sheet accordingly
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