ITO Section 33 | Cash-basis accounting.

Text of ITO Section 33

Cash-basis accounting.

A person accounting for income chargeable to tax under the head “Income from Business” on a cash basis shall derive income when it is received and shall incur expenditure when it is paid.

Explanation of ITO Section 33

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حَسْبِيَ اللَّهُ لاَ إِلَهَ إِلاَّ هُوَ عَلَيْهِ تَوَكَّلْتُ وَهُوَ رَبُّ الْعَرْشِ الْعَظِيمِ

“Allah is sufficient for me. There is none worthy of worship but Him. I have placed my trust in Him. He is the Lord of the Majestic throne.”