Cash system of accounting in professionals
This query is : Resolved
DHANDAPANI.S
(Querist)
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.
02 August 2013
yes he can take value actually paid in cash as it was for his profession purpose.
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DHANDAPANI.S
(Querist)
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.
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.
Further there should be consistency in following method once selected.
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