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Income from other sources

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(Querist)
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
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M Prabhakar Menon

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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
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Kalpesh

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Kalpesh (Querist)
07 July 2009 Can u give any case law to support your answer
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
01 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp
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