Maintenance of Books of Accounts
This query is : Resolved
10 July 2010
Whether Professional Firms have to maintain their books of accounts on Cash system or Mercantile system?
10 July 2010
in any case mercantile system is followed in uniform.cash system can be followed in cases.section 44AA only specifies the books to be maintained by the professionals.section 145A of the IT Act enables the assessee to `choose from mercantile or cash system.whichever method he adopts it has to be consistently followed.
11 July 2010
as per section 145A IN BUSINESS OR PROFESSION ASSESSEE CAN CHOOSE ANY METHOD TO MAINTAIN ITS ACCOUNT WHETHER CASH BASIS OR ACCRUAL BASIS
11 July 2010
agree with mr gaurav, only thing is it should be consistently followed once a method is adopted.
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