Cash basis of accounting compulsory

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ashish alexander

ashish alexander (Querist)
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20 February 2014 Is cash basis of accounting compulsory for any person under income tax or service tax?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

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ashish alexander

ashish alexander (Querist)
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20 February 2014 Is cash basis of accounting mandatory for any person wrt income tax or service tax?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 February 2014 only for professionals like CA,Lawyers etc

ashish alexander

ashish alexander (Querist)
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20 February 2014 sir can you refer the section please of IT/Service Tax.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 February 2014 for income tax it is sec 145A but for service tax is not mentioned.

ashish alexander

ashish alexander (Querist)
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20 February 2014 I would respectfully deny with the statement since sec 145A does not mention that.(refer https://law.incometaxindia.gov.in/Directtaxlaws/act2005/section145a.htm)
furthur reference (https://www.bareactsonline.com/pdfs/2010/THE%20FINANCE%20(No.%202)%20BILL,%202009.pdf) pg30

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 February 2014 Then refer sec 145 which prescribes method of accounting.

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