Cash basis vs accrual basis
This query is : Resolved
31 December 2014
Whether cash basis method be followed by the Individual assessee for the FD Interest Income whereas bank accrued the interest Year by year. Whether this will be as per section 145 of Income Tax Act, 1961?
CA PARAS BAFNA
(Expert)
31 December 2014
As per Section 145 the assessee has to adopt the uniform method of accounting for all the Income Heads.
.
An assessee can take FDR interest on cash basis, provided he is following the same method of accounting for other heads of Income,if there be any, also.
.
.
An assessee can take FDR interest on cash basis, provided he is following the same method of accounting for other heads of Income,if there be any, also.
.
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