We've upgraded AI Search on TaxTMI with two powerful modes:
1. Basic • Quick overview summary answering your query with references• Category-wise results to explore all relevant documents on TaxTMI
2. Advanced • Includes everything in Basic • Detailed report covering: - Overview Summary - Governing Provisions [Acts, Notifications, Circulars] - Relevant Case Laws - Tariff / Classification / HSN - Expert views from TaxTMI - Practical Guidance with immediate steps and dispute strategy
• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:
Method of accounting: business and other income computed on cash or mercantile basis; notified standards may govern computation. Method of accounting permits income under business/profession and other sources to be computed by either cash or mercantile system regularly employed by the assessee; the Central Government may notify income computation and disclosure standards for classes of assessees or income; the Assessing Officer may make an assessment under section 271 if accounts are incorrect or incomplete, the accounting method has not been regularly followed, or income is not computed as per notified standards.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Method of accounting: business and other income computed on cash or mercantile basis; notified standards may govern computation.</h1> Method of accounting permits income under business/profession and other sources to be computed by either cash or mercantile system regularly employed by the assessee; the Central Government may notify income computation and disclosure standards for classes of assessees or income; the Assessing Officer may make an assessment under section 271 if accounts are incorrect or incomplete, the accounting method has not been regularly followed, or income is not computed as per notified standards.
TaxTMI 
• Category-wise results to explore all relevant documents on TaxTMI
Help Us Improve - by giving the rating with each AI Result:
TaxTMI 
TaxTMI 
