taxation
This query is : Resolved
29 June 2010
its mandatory to fallow "accrual or mercantile system of accounting as per company's act as wel as per AS issued by ICAI,however whether it is acceptable to follow cash system for Income Tax purposes? for " companies as wel as for Firms?
29 June 2010
As per companies act it is compulsory to follow mercantile system of accounting.
for firms it is still optional to follow cash or mercantile basis of accounting.
for firms it is still optional to follow cash or mercantile basis of accounting.
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