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44 AF

This query is : Resolved 

A prop'ship covered under 44AF. however books are maintained. profit as per P&l a/c is Rs.50000. applying 5% under 44AF profit is 80000. assessee opts 44AF and pays tax so. now, while closing the books can he incorporate Rs.30000(80000-50000) in his capital a/c. if so by what entry.


I don't think that this 30000 should be incorporated in your books.

thank you sir...


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