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Accounts on cash basis

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2013 Can a person make his books of accounts on cash basis for income tax calculation & make payment of tax on that basis
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
12 February 2013 Books can be prepared on either cash basis or merchantile basis.
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
12 February 2013 yes any basis is allowable but it should be consistent in upcoming periods also.
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
12 February 2013 yes any basis is allowable but it should be consistent in upcoming periods also.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2013 Sir, but company can also make books of accounts on cash basis
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
13 February 2013 yes co. can also make as per income tax.. but not allowable under company act.. as per co. act co . as to made its books of accounts as per mercantile method.
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