Section 23 : Cash basis accounting

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1) Any person shall, in maintaining accounts on the case basis of his income earned from employment, business or investment for tax purposes, subject to this Act, do as follows:-

(a) To treat as income only that which is received at the time when payment is received by him or made available to him and include it in his income.

(b) To deduct for expense only after he pays out.

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Section 23 : Cash basis accounting

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