Suppose an assessee is having income from its business of Rs.15,00,000 and profit as per P&l account is Rs,4,50,000. 1.My question is can the said assessee file ITR 4S and shows income as Rs,1,20,000 (15,00,000 X 8% ). 2. Whether the above profit and loss account can be submitted in bank if necessary arises.
What explanation should i submit for the difference in profit
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