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Is it valid???
A company want to maintain books on cash basis. is it valid?
Replies (2)
Income tax Act does not allow cash basis, GST law is also structured on mercantile basis. If company insist to maintain books on cash basis, it will have to mandatory keep another set of books on mercantile basis. But what is the use of taking this much extra pain?
Income tax Act does not allow cash basis, GST law is also structured on mercantile basis. If company insist to maintain books on cash basis, it will have to mandatory keep another set of books on mercantile basis. But what is the use of taking this much extra pain?
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