Cash system of accounting in professionals

This query is : Resolved

DHANDAPANI.S (Querist)
Follow

02 August 2013 A Doctor maintaining his accounts in cash basis. He purchased some medicines for his patients and he paid portion of the purchase bills only. Can he take full value of the purchase bills (including unpaid bills)to purchase or not.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

02 August 2013 yes he can take value actually paid in cash as it was for his profession purpose.

Message likes : 1 times

DHANDAPANI.S

DHANDAPANI.S (Querist)
Follow

02 August 2013 Thanks for your reply sir. I have another doubt. If an assessee as a professional not covered u/s.44AB Can convert his accounting methods from mercantile basis to cash basis.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

02 August 2013 only for professional providing service can change the method to cash u/s145.
Further there should be consistency in following method once selected.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R B Pethe

Dhananjay Patil

tpksathyan narayanan

Dhananjay Singh

HITESH PATEL

Subscribe Now

Cash system of accounting in professionals

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA