Mercantile or cash basis
This query is : Resolved
DHANDAPANI.S
(Querist)
03 August 2013
May I follow mercantile basis of accounting for professionals (practicing doctor) not covered under Tax Audit.
Dintakurthi Tirumala
(Expert)
03 August 2013
IT depends on the Interest and willingness of the assessee. But most of like and accept Mercantile basis of accounting even though as per the service tax view the accounting is mercantile basis for the latest provisions of service tax.
So suggested Mercantile basis then no confusion regarding income and etc...
OM SAI SRI SAI JAI JAI SAI
So suggested Mercantile basis then no confusion regarding income and etc...
OM SAI SRI SAI JAI JAI SAI
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DHANDAPANI.S
(Querist)
03 August 2013
Thanks for your suggestion sir.
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