Cash basis of accounting compulsory
This query is : Resolved
20 February 2014
Is cash basis of accounting compulsory for any person under income tax or service tax?
20 February 2014
refer sec 145A for method of accounting.
for professional providing services it is cash basis of accounting that needs to followed.
for others it is accrual system of accounting.
for professional providing services it is cash basis of accounting that needs to followed.
for others it is accrual system of accounting.
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20 February 2014
Is cash basis of accounting mandatory for any person wrt income tax or service tax?
20 February 2014
only for professionals like CA,Lawyers etc
20 February 2014
sir can you refer the section please of IT/Service Tax.
20 February 2014
for income tax it is sec 145A but for service tax is not mentioned.
20 February 2014
I would respectfully deny with the statement since sec 145A does not mention that.(refer http://law.incometaxindia.gov.in/Directtaxlaws/act2005/section145a.htm)
furthur reference (http://www.bareactsonline.com/pdfs/2010/THE%20FINANCE%20(No.%202)%20BILL,%202009.pdf) pg30
furthur reference (http://www.bareactsonline.com/pdfs/2010/THE%20FINANCE%20(No.%202)%20BILL,%202009.pdf) pg30
21 February 2014
Then refer sec 145 which prescribes method of accounting.
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