Income from other sources
This query is : Resolved
29 June 2009
Can ,for income tax purposes, one person have accrual based accounting for some securities and cash based accounting for some securities ? for example for securities in my name I keep account on accrual based and securities purchased in the name of my minor daughter I keep accounts on cash basis so that at the time of receipt of interest she would be major and i would not be required to pay tax
M Prabhakar Menon
(Expert)
30 June 2009
You can follow cash basis and accrual basis simultaneously provided that you disclose the fact to the AO, through your ITR
Dhirajlal Rambhia
(Expert)
01 July 2023
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