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.
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Method of accounting for income from other sources
Replies (6)
Yes you can account it on cash basis also
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.
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.
Section 145 accords you the choice in the method of accounting
Thanks a lot for the clarifications
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