sivadas chettoor
(CA)
(2644 Points)
Replied 22 February 2010
The income of a professional is generally taxed u/s 28. Thus Sec 145 of the Income Tax act applies. That sec gives freedom to him to choose either cash or merchantile system of accounting.
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C.Balaji
(Learner)
(1867 Points)
Replied 23 February 2010
Dear Aysuhraj.....
The Act does not restrict........he can follow either cash system or mercantile system......but consistency should be there........
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