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Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2012 I have filed my it return (Propritership) with 44 AD and having @ 8% taxable income Rs. 102116/- while my taxable income as per profit & loss a/c is Rs.156436/-

which amount should be shown in capital a/c and also in computation ?

any j.e as on 31st March for that ?

pls guide me its urgent

CA Prashant Gupta

CA Prashant Gupta (Expert)
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19 March 2012 as per sec 44 AD business income is estimated @ 8%. but assessee can voluntarily declare a higher income in his return.
So if u want to declare more income then u can use 156436/-. But if u show it 102116/- then also it is ok as per sec 44AD

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2012 thanks for reply

if i declare Rs. 102116/- (8% income) as taxable income in IT return then should i add Rs. 102116/- to my capital a/c or Rs. 156436/- which is actual ?

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