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SECTION 145

This query is : Resolved 
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(Querist)
17 October 2010 WHILE PREPARING THE BOOKS OF ACCOUNTS OF PROFESSIONALS, DOES THE ASSESSEE HAVE TO FOLLOW CASH SYSTEM OF ACCOUNTING ? IS IT COMPULSORY?
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Parveen Bansal

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Parveen Bansal (Expert)
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)
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Abhay Gujarathi

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Abhay Gujarathi (Expert)
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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