Dear All,
I have one querry regarding maintenance of books of accounts for income tax purpose and companies act purpose. Companies Act mandates accrual system for accounting. However Income Tax Act Sec.145 recognizes both cash as well as accrual method of account but on consistent basis. So can a company assessee maintain books of accounts on accrual basis for Companies Act and on Cash Basis for Icome Tax Act?? Or there is any specific provision denying this?????????
CAclubindia
