accounting method
This query is : Resolved
17 July 2010
can we change accounting metho mercantile to cash for one year for one head to another ?
,,,,,,,,,thanx
,,,,,,,,,thanx
17 July 2010
s u can change provided u disclose the profit difference between the two in the form 3cd if u r sub to tax audit
17 July 2010
Agreed, You have to make disclosure in Form 3CD as below
11.a)Method of accounting employed in the previous year
b)Whether there has been any change in the method of
accounting employed vis-a-vis the method employed in
the immediately preceding previous year.
c)If answer to (b) above is in the affirmative,give details of
such change,and the effect thereof on the profit or loss.
d)Details of deviation,if any,in the method of accounting
employed in the previous year from accounting standards
prescribed under section 145 and the effect thereof on
the profit or loss.
11.a)Method of accounting employed in the previous year
b)Whether there has been any change in the method of
accounting employed vis-a-vis the method employed in
the immediately preceding previous year.
c)If answer to (b) above is in the affirmative,give details of
such change,and the effect thereof on the profit or loss.
d)Details of deviation,if any,in the method of accounting
employed in the previous year from accounting standards
prescribed under section 145 and the effect thereof on
the profit or loss.
18 July 2010
The method of accounting can be switched over between any of the two financial year.
2.but there may be impact over the profit or loss and if so such impact only need to be disclosed in your profit and loss account...
2.but there may be impact over the profit or loss and if so such impact only need to be disclosed in your profit and loss account...
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