Marcantile Basis
This query is : Resolved
27 March 2009
It is mandatory to keep books of accounts of a company on accural basis
if we want to maintain our book of accounts on cash basis
it is allowable or not according to Indian Companies Act 1956 or India Income Tax Act 1961.
if we want to maintain our book of accounts on cash basis
it is allowable or not according to Indian Companies Act 1956 or India Income Tax Act 1961.
27 March 2009
as per section 209(3) of the C' Act, 1956 proper books of account shall not be deemed to be
kept with respect to the matters specified therein :
(a) if there are not kept such books as are necessary to give a true and fair view of the state of
affairs of the company or branch office, as the case may be, and to explain its transactions;
and
(b) if such books are not kept on accrual basis and according to the double entry system of
accounting.
regards :-)
kept with respect to the matters specified therein :
(a) if there are not kept such books as are necessary to give a true and fair view of the state of
affairs of the company or branch office, as the case may be, and to explain its transactions;
and
(b) if such books are not kept on accrual basis and according to the double entry system of
accounting.
regards :-)
27 March 2009
in companies act , u have to maintain books on mercantile basis.
27 March 2009
According to Section 209 the Accounts it is mandadaty to maintain the books of the Company incorporated under Companies Act 1956 ,if it is not maintained on accrual basis than it will deemed to a situation where proper books of account is not maintained.
28 March 2009
allowed by Income Tax Act but not by Companies Act
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