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Method of accounting for income from other sources

SUSHANT BIDAYE (503 Points)

20 May 2021  
I have interest from securities and other interest etc. that falls under the head income from other sources.


would like to know if I have a choice to account it on cash basis. please also mention the relevant tax clause.

 6 Replies

Sourav (Student) (23759 Points)
Replied 20 May 2021

Yes you can account it on cash basis also

Sivaramaraju G (Learner) (2350 Points)
Replied 21 May 2021

Income to be computed either on the basis of cash or mercantile system of accounting [Section 145(1)]

Income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall, subject to the provisions of section 145(2)(ICDS), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.

veerendar singh (tax consultant) (2818 Points)
Replied 21 May 2021

Section 145 accords you the choice in the method of accounting

SUSHANT BIDAYE (503 Points)
Replied 21 May 2021

Thanks a lot for the clarifications

KB99 Bet (2 Points)
Replied 21 May 2021

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veerendar singh (tax consultant) (2818 Points)
Replied 21 May 2021

Welcome sushant

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