Ramesh received ₹ 7 lakh by way of enhanced compensation in March, 2020. A further sum of 12 lakh decreed by the Court is due but not received till 31st March, 2020. The amount of income chargeable to tax for the AY 2020-21 would be-
A. ₹ 3,50,000
B. ₹ 7,00,000
C. ₹ 9,00,000
D. ₹ 4,50,000
Answer:B
Ramesh received ₹ 7 lakh by way of enhanced compensation in March, 2020. A further sum of 12 lakh decreed by the Court is due but not received till 31st March, 2020. The amount of income chargeable to tax for the AY 2020-21 would be-
A. ₹ 3,50,000 B. ₹ 7,00,000 C. ₹ 9,00,000 D. ₹ 4,50,000