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of <h1>Income Classification: Business Profits vs. Other Sources; Use Consistent Accounting Method; Govt. Sets Standards; Officer May Assess.</h1> Income under 'Profits and gains of business or profession' or 'Income from other sources' must be computed using either the cash or mercantile accounting system, as consistently employed by the assessee. The Central Government may establish specific income computation and disclosure standards for certain assessee classes or income types. An Assessing Officer can conduct an assessment if the accounts are deemed incorrect or incomplete, if the prescribed accounting method is not consistently used, or if income is not computed per the notified standards.
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