Section 276 — Method of accounting
Old Act equivalent: Section 145 of IT Act 1961 Sub-part: B.—Supplementary provisions
Statutory Text
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(1) Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of
sub-section (2), be computed as per either cash or mercantile system of accounting
regularly employed by the assessee.
(2) The Central Government may notify income computation and disclosure stan
dards to be followed by any class of assessees or in respect of any class of income.
(3) The Assessing Officer may make an assessment in the manner provided in
section 271, where—
(a) he is not satisfied about the correctness or completeness of the accounts of the assessee; or
(b) the method of accounting provided in sub-section (1) has not been reg ularly followed by the assessee; or
(c) income has not been computed as per the standards notified under sub-section (2).
Method of accounting in certain cases.
Provisos
None.
Explanations
None.
Key Structure
- Applies to: [Verification Pending]
- Conditions: [Verification Pending]
- Time limits: [Verification Pending]
- Monetary limits: [Verification Pending]
- Exceptions: [Verification Pending]
Cross-References
Amendment Notes
None noted from the extracted pages.