28 July 2011
on the basis of accounting followed by assesse whether merchantile or receipt basis. and i guess salaried person dont prepare their accounts so on receipt basis.
29 July 2011
Hi Sunny As Mr. Ramesh said Salaried assesse is not required to prepare accounts. But some salaried person get their accounts prepared for their own convinience and some also get their Statment of Affairs, Cash A/c etc prepared for the purpose of Bank Loans etc. But its not mandatory under Law.
30 July 2011
Section 56(2) specifies that what kind of incomes will be taxable and when it will be..Section 56 did not specify that Income whether received by salaried person or in others hands will be different.
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