Indiana Administrative Code
Title 45 - DEPARTMENT OF STATE REVENUE
Article 2.2 - SALES AND USE TAX
Rule 6 - Returns, Remittances and Refunds
Section 6-4 - Accrual basis; reporting and payment
Universal Citation: 45 IN Admin Code 6-4
Current through March 20, 2024
Authority: IC 6-8.1-3-3
Affected: IC 6-2.5
Sec. 4.
(a) A taxpayer may, without prior Departmental approval report and pay his state gross retail tax on the accrual basis if:
(1)
The taxpayer reports his gross income tax or the tax imposed on him in place of
the gross income tax, on the accrual basis; and
(2) The Department has not required the
taxpayer to stop using the accrual basis of accounting.
(b) Definition: Accrual basis of accounting. On the accrual basis, income is accounted for as and when it is earned, whether or not it has been collected. Expenses are deducted when they are incurred, whether or not paid in the same period.
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