Income from other sourses

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SUNNY

SUNNY (Querist)
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28 July 2011 for salaried person income from other sources taxable on due basis or receipt basis.

CA Aditya Goel

CA Aditya Goel (Expert)
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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.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2011 yes. on receipt basis only

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SUNNY

SUNNY (Querist)
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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.......

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2011 Hi Sunny

Salaried person can also prepare accounts, but according to Act not necessary to prepare and maintain the accounts

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SUNNY

SUNNY (Querist)
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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

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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29 July 2011 I agree with the experts

CA Aditya Goel

CA Aditya Goel (Expert)
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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.

vijayakumar.sure

vijayakumar.sure (Expert)
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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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