If no system of accounting is followed, interest on securities is taxable on:
A. Due basis
B. Receipts basis
C. Due or receipt basis at the option of the assessee
D. Due or receipt basis whichever is later
Answer:A
If no system of accounting is followed, interest on securities is taxable on:
A. Due basis B. Receipts basis C. Due or receipt basis at the option of the assessee D. Due or receipt basis whichever is later