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Can Company (Pvt Ltd) follow cash basis system
Can a private limited company kept its books of account in a cash basis.
Replies (4)
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there is a case record of this in DCIT Vs Stup Consultants Pvt. Ltd. You can find the details in tax guru
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.
It must declare in its annual accounts its basis of accounting.
whether it is following cash basis or accrual basis.
The consistency concept also avoids many conflicts and luckily there is no concept as of now which prohibits any transaction.
Any change must be declared all at once.
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