44 AD
This query is : Resolved
25 July 2011
respected sirs,
an individual (male) doing retail trading business.
as per p&l sales = 2500000/-
profit = 100000
cash credits = 80000
net profit = 180000(7.2% only)
cash credits is also shown as business income only. if this case is taken for scrutiny, what will be sequence??
an individual (male) doing retail trading business.
as per p&l sales = 2500000/-
profit = 100000
cash credits = 80000
net profit = 180000(7.2% only)
cash credits is also shown as business income only. if this case is taken for scrutiny, what will be sequence??
CA Navin Jain
(Expert)
25 July 2011
If you wants to show net profit of Rs. 1.8 L Then tax audit under sec 44 ab is applicable.
25 July 2011
navin ji,
i filed this return already. thats why iam bothered.
in case if ITO takes this for scrutiny, will he accept if i pay the difference of tax alone(that comes to around rs.2000/-)
i filed this return already. thats why iam bothered.
in case if ITO takes this for scrutiny, will he accept if i pay the difference of tax alone(that comes to around rs.2000/-)
CA Navin Jain
(Expert)
25 July 2011
You can filed the revised return
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