Different method to calculate the income from B & P
This query is : Resolved
Chintan Vasa
(Querist)
21 August 2009
Usually we calculate the Income from Business & Orofessio by making adjustments in the net profit by additions or deletions. However we can also compute the same income by considering only business income & expenses. Answer by both the methods is ought to be the same. The latter method is known as "Gross Profit Method".
My query to all the members is that whether such method of calculation is valid for CA exams? Logically no marks should be deducted for it. However i would require the opinion of the members.
My query to all the members is that whether such method of calculation is valid for CA exams? Logically no marks should be deducted for it. However i would require the opinion of the members.
21 August 2009
Answered
CA CHINTAN AJMERA
(Expert)
21 August 2009
Yes it is valid method
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