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Maintenance of Books of Accounts

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10 July 2010 Whether Professional Firms have to maintain their books of accounts on Cash system or Mercantile system?
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CA.Mini

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CA.Mini (Expert)
10 July 2010 in any case mercantile system is followed in uniform.cash system can be followed in cases.section 44AA only specifies the books to be maintained by the professionals.section 145A of the IT Act enables the assessee to `choose from mercantile or cash system.whichever method he adopts it has to be consistently followed.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
11 July 2010 as per section 145A IN BUSINESS OR PROFESSION ASSESSEE CAN CHOOSE ANY METHOD TO MAINTAIN ITS ACCOUNT WHETHER CASH BASIS OR ACCRUAL BASIS
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
11 July 2010 agree with mr gaurav, only thing is it should be consistently followed once a method is adopted.
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