Cash book in case of 44 ad?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2011
Dear experts,
if we opt for 44AD, what cash bal should we show in ITR4 or ITR 4S?
Bcos iam maintaining both daybook & ledgers. The cash bal. as per cash book & cash as per B/S (prepared in presumptive basis)differs.
as my net profit is 15% iam having more cash in cash book. shall i continue to enjoy that high cash bal while i pay tax only for 8%
pls clarify.
if we opt for 44AD, what cash bal should we show in ITR4 or ITR 4S?
Bcos iam maintaining both daybook & ledgers. The cash bal. as per cash book & cash as per B/S (prepared in presumptive basis)differs.
as my net profit is 15% iam having more cash in cash book. shall i continue to enjoy that high cash bal while i pay tax only for 8%
pls clarify.
CA Vibhash Kumar Sah
(Expert)
29 July 2011
presumptive basis is for calculating taxable profit. And balances of ledgers are nothing to do this calculation. Show the balance of debtors, creditors & Stock in Trade & Cash Baalnce as actual.
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