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Income from other sources

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29 June 2009 Can ,for income tax purposes, one person have accrual based accounting for some securities and cash based accounting for some securities ? for example for securities in my name I keep account on accrual based and securities purchased in the name of my minor daughter I keep accounts on cash basis so that at the time of receipt of interest she would be major and i would not be required to pay tax

30 June 2009 You can follow cash basis and accrual basis simultaneously provided that you disclose the fact to the AO, through your ITR

07 July 2009 Can u give any case law to support your answer


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