Professional Documents
Culture Documents
Methods of Accounting
(Sec. 43 to 50)
Sec. 43 – (Accounting Period) Calendar year or fiscal
year;
Prerogative of taxpayer;
Calendar when -
accounting period is other than fiscal year; or
No annual accounting period; or
Does not keep books of accounts; or
Individual
Fiscal year to fiscal year, short period return between the close of the
former fiscal year and the date designated as the close of the new
fiscal year. (Ex. June 1 to July 31)