Income from other sourses
This query is : Resolved
28 July 2011
for salaried person income from other sources taxable on due basis or receipt basis.
28 July 2011
on the basis of accounting followed by assesse whether merchantile or receipt basis.
and i guess salaried person dont prepare their accounts so on receipt basis.
and i guess salaried person dont prepare their accounts so on receipt basis.
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29 July 2011
yes. on receipt basis only
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29 July 2011
thanks ca aditya goyal and cma ramesh...
but one question from ca aditya goyal why u mentioned i guess salaried person dont prepare their accounts ......?????
salaried person never prepare a/cs.......
but one question from ca aditya goyal why u mentioned i guess salaried person dont prepare their accounts ......?????
salaried person never prepare a/cs.......
29 July 2011
Hi Sunny
Salaried person can also prepare accounts, but according to Act not necessary to prepare and maintain the accounts
Salaried person can also prepare accounts, but according to Act not necessary to prepare and maintain the accounts
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29 July 2011
mr ramesh may be u r right...but practically no one is doing.....and there is no benefit for the salaried person to prepare accounts
29 July 2011
I agree with the experts
29 July 2011
Hi Sunny
As Mr. Ramesh said Salaried assesse is not required to prepare accounts.
But some salaried person get their accounts prepared for their own convinience and some also get their Statment of Affairs, Cash A/c etc prepared for the purpose of Bank Loans etc.
But its not mandatory under Law.
As Mr. Ramesh said Salaried assesse is not required to prepare accounts.
But some salaried person get their accounts prepared for their own convinience and some also get their Statment of Affairs, Cash A/c etc prepared for the purpose of Bank Loans etc.
But its not mandatory under Law.
30 July 2011
Section 56(2) specifies that what kind of incomes will be taxable and when it will be..Section 56 did not specify that Income whether received by salaried person or in others hands will be different.
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