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TypeBare Act JurisdictionCentral Government

Finance Act, 1995 Section 31

SUBSTITUTION OF NEW SECTION FOR SECTION 145 "For section 145 of the Income-tax Act, the following section shall be

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https://sooperkanoon.com/act/249648

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About this section

Finance Act, 1995 Section 31 is part of Finance Act, 1995 - SUBSTITUTION OF NEW SECTION FOR SECTION 145 "For section 145 of the Income-tax Act, the following section shall be. Read the section text below and explore Indian court judgments that cite it.

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Section Text

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 in accordance with either cash or mercantile system of accounting regularly employed by the assessee.

(2) The Central Government may notify in the Official Gazette from time to time accounting standards to be followed by any class of assessee or in respect of any class of income.

(3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee; or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment in the manner provided in section 144.'.

Frequently asked questions

What does Finance Act, 1995 Section 31 provide?

Section Section 31 of the Finance Act, 1995 (SUBSTITUTION OF NEW SECTION FOR SECTION 145 "For section 145 of the Income-tax Act, the following section shall be) is reproduced on this page as part of the Finance Act, 1995. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1995 Section 31?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1995 Section 31. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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