Under the head 'profits and gains of business or profession', the method of accounting that should be followed by an assessee is —

CS Executive · Tax Laws and Practice · PYQS · June 2016
Under the head 'profits and gains of business or profession', the method of accounting that should be followed by an assessee is —
(A) Cash system only
(B) Mercantile system only
(C) Hybrid system only
(D) Cash system or mercantile system only.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax

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