GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under the head Business or Profession, the method of accounting which an assessee can follow shall be :
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Cash system only
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Mercantile system only
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Hybrid system
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Mercantile or cash system only
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Explanation:
Detailed explanation-1: -The assessee must follow any one of the accounting methods Cash Accounting or Mercantile Accounting for their income from profit and gains of business or profession and income from other sources. The Central Government can make changes in the provisions related to the accounting standards.
There is 1 question to complete.