income recognizetion
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2011
a c.a. firm received an audit for 5 year for a lump some fee Rs 200000/- in that case how income recognise as par income tax act ?
if after 2 year, due to some circumstance , the audit work can't complited i that situation what we do???
if after 2 year, due to some circumstance , the audit work can't complited i that situation what we do???
S.A.BADAMIKAR
(Expert)
24 February 2011
Dear freind , as C.A. firm relates to profession, they have to maintain accounts on 'CASH BASIS". Which means Income is to be recognised on receipt basis.
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