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44 AF

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(Querist)
29 June 2010 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.
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Amit

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Amit (Expert)
29 June 2010 He cant take the benefit of the excess amount. How can he. He has opted for the 44AF section and has paid tax accordingly. Now it is immaterial what the actal liabilty comes
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
29 June 2010 when he has already opted 44AF, THEN it is meaningless what actual liability comes
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VISWANADH.R

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VISWANADH.R (Querist)
29 June 2010 thank u for the reply.. my intention is to create an additional source of income for the assessee...
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