Method of Accounting - (New) Section 271 / (Old) Section 145

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....ss or profession", or • "Income from other sources" • using either: • Cash system (record income/expense when actually received/paid), or • Mercantile system (record when income is earned or expense is incurred). Section 276(2): Government-Prescribed Standards (ICDS) This subsection gives power to the government. • The Central ....

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.... method of accounting regularly employed by the assessee. These provisions do not apply to income taxable under Salaries, House Property and Capital Gains. Certain incomes are deemed taxable in the year of receipt or as specifically prescribed, irrespective of the accounting method. These include: • Dividend income (including deemed dividend), with interim dividend taxable on pay....

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....ss or profession" or "Income from other sources" shall be computed in accordance with either cash or accrual system of accounting regularly employed by the assessee. • The Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of assessees or in respect of any class of income. • Where....

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....egularly employed by the assessee. These provisions do not apply to income taxable under Salaries, House Property and Capital Gains. Certain incomes are deemed taxable in the year of receipt or as specifically prescribed, irrespective of the accounting method. These include: • Dividend income (including deemed dividend), with interim dividend taxable on payment; • In....