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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ACCOUNTING METHOD SEC. 145
Replies (3)
| Originally posted by : Deep @ k Gupt/\ | ||
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No, it is not compulsory. Income shall be computed only on either cash or mercantile system of accounting regularly followed by the assessee. |
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Agreed with Deepak.He can follow either of the method, cash or accrual.
But once any method is adopted, it can not be changed in the future years.
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