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Abhishek Singh (Avi)   08 February 2021

Can Company (Pvt Ltd) follow cash basis system

Can a private limited company kept its books of account in a cash basis.


 4 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     08 February 2021

company-follow-cash-accounting-system-tax-purposes-section-209(3)-companies-act-mandates-accrual system

there is a case record of this in DCIT Vs Stup Consultants Pvt. Ltd. You can find the details in tax guru 

sabyasachi mukherjee

sabyasachi mukherjee   20 February 2021

Every company must declare its basis of accounting as per notes on accounts.
It must declare in its annual accounts its basis of accounting.
whether it is following cash basis or accrual basis.
1 Like
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     22 February 2021

The consistency concept also avoids many conflicts and luckily there is no concept as of now which prohibits any transaction. 

sabyasachi mukherjee

sabyasachi mukherjee   22 February 2021

Any change must be declared all at once.

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