Assessee has right to adopt an accounting system of his choice. ...

Taxpayers Can Choose Accounting System, But Must Comply with Section 145 Standards of Income Tax Act.

January 4, 2012

Case Laws Income Tax HC

Assessee has right to adopt an accounting system of his choice. - Interference is permissible if the accounting system adopted is contrary to the prescribed accounting standards etc. under Section 145/145A of the Act..... - HC

View Source

← Previous Next →

Assessee has right to adopt an accounting system of his choice. ...

Taxpayers Can Choose Accounting System, But Must Comply with Section 145 Standards of Income Tax Act.

January 4, 2012

Case Laws Income Tax HC

You may also like:

Income Taxes - Ind AS-12 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Addition on account of difference in TDS receipts - AO directed to re-compute the income of the assessee in accordance with cash system of accounting, which is the...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Interest income - system of accounting - The assessee is not permitted to use mixed or hybrid system of accounting under which some items of income / expenditure are...

In a case concerning disallowance of loss incurred in a plastic division, the assessee followed the mercantile system of accounting, and contracts were accounted for on...

Due date for filing of Income Tax Returns - benefit of carry forward of loss - RBI permission letter mandating the assessee to get his accounts audited - Extension of...

The High Court held that by virtue of the non-obstante clause in the Kerala General Sales Tax Act, 1963 (KGST Act), it creates a first charge on the property of the...

Royalty - Payment received by the taxpayer from British Airways in relation to alleged use of 'Altea system' cannot be characterized as 'royalty' either under the Act or...

Hybrid system of accounting - interest accrued on investments chargeable to tax - Whether ITAT erred holding that the assessee can compute its income chargeable under...

Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for...

Addition on account of provision for Solid Waste Dispsal Expenses - contingent liability or accrued liability - The accounting method followed by the assessee was in...

New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers

Quick Updates: