Can Company (Pvt Ltd) follow cash basis system
Abhishek Singh (Avi) (3 Points)
08 February 2021
Can a private limited company kept its books of account in a cash basis.
4 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 08 February 2021
company-follow-cash-accounting-system-tax-purposes-section-209(3)-companies-act-mandates-accrual system
there is a case record of this in DCIT Vs Stup Consultants Pvt. Ltd. You can find the details in tax guru
sabyasachi mukherjee
(27613 Points)
Replied 20 February 2021
Every company must declare its basis of accounting as per notes on accounts.
It must declare in its annual accounts its basis of accounting.
whether it is following cash basis or accrual basis.
It must declare in its annual accounts its basis of accounting.
whether it is following cash basis or accrual basis.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 22 February 2021
The consistency concept also avoids many conflicts and luckily there is no concept as of now which prohibits any transaction.
sabyasachi mukherjee
(27613 Points)
Replied 22 February 2021
Any change must be declared all at once.
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