Mercantile or cash system
This query is : Resolved
SANJIV BATRA
(Querist)
14 April 2014
I am an Individual having small business in which I am a proprietor. I am maintaining Mercantile accounting system. I have also some fixed deposit with bank in my personal name. Can I adopt cash system in respect of interest earned on fixed deposit. My question is this that can I adopt both mercantile & cash system in this case.
Thanks
Sanjiv
Thanks
Sanjiv
Nikhil Kaushik
(Expert)
14 April 2014
i believe you can very much do so. But please be assured that banks would deduct tax on accrual basis.
Rupesh Jain
(Expert)
15 April 2014
you adopt accrual method due to under income tax act income taxable as accrual basis.
this practice will beneficial in future.
this practice will beneficial in future.
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