Cash system of accounting in professionals

This query is : Resolved

DHANDAPANI.S (Querist)
Follow

02 August 2013 I have a doubt. If an assessee as a professional not covered u/s.44AB Can convert his accounting methods from mercantile basis to cash basis.anybody can help me.

Rupesh Jain

Rupesh Jain (Expert)
Follow

02 August 2013 professional income is taxable as per cash method

Message likes : 1 times

DHANDAPANI.S

DHANDAPANI.S (Querist)
Follow

02 August 2013 Thank you sir. Can a doctor maintain stock of medicines at the end of financial year. if possible means please explain cash basis of accounting methods in this view. for example doctor purchased medicines for Rs.500000 and paid only for Rs.400000. At the end of the year doctor holds medicines at cost of Rs.50000. Can he take this Rs.50000/- as closing stock.

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