Cash system of accounting in professionals
This query is : Resolved
DHANDAPANI.S
(Querist)
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
(Expert)
02 August 2013
professional income is taxable as per cash method
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DHANDAPANI.S
(Querist)
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.
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