Maintenance of Books of Accounts
This query is : Resolved
10 July 2010
Whether Professional Firms have to maintain their books of accounts on Cash system or Mercantile system?
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.
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
11 July 2010
agree with mr gaurav, only thing is it should be consistently followed once a method is adopted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- GST rate and HSN code for sale of racing horses
- Filling ITR - U
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
