SECTION 145
This query is : Resolved
17 October 2010
WHILE PREPARING THE BOOKS OF ACCOUNTS OF PROFESSIONALS, DOES THE ASSESSEE HAVE TO FOLLOW CASH SYSTEM OF ACCOUNTING ? IS IT COMPULSORY?
18 October 2010
Tax payer can follow either cash or mercantile system of accounting for income chargeable under the head "Profits or gains of business or profession or Income from other sources. The method of accounting should be followed regularly (Section 145)
18 October 2010
For Professional general practise is to follow Cash system but nowhere written that it is compulsory.. You can maintain on accrual or cash system.
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