Deemed profits in business/profession
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2014
In case there exists a deemed profit in the p/l statement, how do i adjust it with the net profit while calculating income from business/profession?
03 May 2014
you don't compute deemed profit in the profit & loss Account. Cases where deemed profit is applicable like 44AD, 44AE, 44AF, 44BB and so on, the computation/adjustment for tax purposes is done separately as per the provisions of the relevant sections. But books of the business entity are not adjusted.
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