07-16-2009, 03:32 PM
Dear,
It seems that you are concerned with section 153, rectify me ?
However, (if not concerned with the above)
As per sub section 3 , Division IV of the ordinance "A company shall account for income chargeable to tax under the head âIncome from Businessâ on an accrual basis, while other persons may account for such income on a cash or accrual basis".
It clearly mentions that a company is having mandatory requirement to account for on accrual basis while it is optional for others to use either cash or accrual basis of accounting.
In my opinion, this must have solved your subsequent problems, that have been asked by you.
Also, What does it mean, "we pay tax on our income instead of profit & loss account"?,
Best Regards,
It seems that you are concerned with section 153, rectify me ?
However, (if not concerned with the above)
As per sub section 3 , Division IV of the ordinance "A company shall account for income chargeable to tax under the head âIncome from Businessâ on an accrual basis, while other persons may account for such income on a cash or accrual basis".
It clearly mentions that a company is having mandatory requirement to account for on accrual basis while it is optional for others to use either cash or accrual basis of accounting.
In my opinion, this must have solved your subsequent problems, that have been asked by you.
Also, What does it mean, "we pay tax on our income instead of profit & loss account"?,
Best Regards,
