Can a Partnership Firm adopt cash basis of accouting method in its First I T Return for Fin.Year 2005-06 ? Though the Firm is working from 2003-04 and not provded Interest for Loan taken and accordingly had not deducted TDS on interest. The Firm will debit the whole Interest amount when the same will be paid in future and on payment it will deduct the TDS.
Menu
Can a Partnership Firm adopt cash basis
Replies (2)
yes the partnership firm can adopt cash basis of accounting....
deduct tds when intt. exp is booked or when payment of intt is made whichever is earlier( which in your case wud b same)
deduct tds when intt. exp is booked or when payment of intt is made whichever is earlier( which in your case wud b same)
yes the partnership firm can adopt cash basis of accounting....
deduct tds when intt. exp is booked or when payment of intt is made whichever is earlier( which in your case wud b same)
deduct tds when intt. exp is booked or when payment of intt is made whichever is earlier( which in your case wud b same)
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
