MANY PEPLE SAY THAT THERE ARE OPTIONS FOR COMPANY TO CHOSE AMONG CASH OR MERCANTILE SYSTEM UNDER SECTION 145 .. BUT WHERE 209(3) STATES THAT IT SHOULD BE ONLY MERCANTILE THEN HOW COME THERE IS AN OPTION !!!
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I AM CONFUSED ,.... ADVISE
Books are generally maintained on accrual basis for complying with companies act.But note Income tax allows deduction only on cash basis.Ex Provision for Bonus i.e43 B Deductions.Conversion of Capital Asset intostock in trade.These are few examples
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