Accounts on cash basis

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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

12 February 2013 Books can be prepared on either cash basis or merchantile basis.

12 February 2013 yes any basis is allowable but it should be consistent in upcoming periods also.

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

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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