Presumptive taxation scheme

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Gourav (Querist)
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06 June 2016 Dear All Members,

Suppose an assessee is having income from its business of Rs.15,00,000 and profit as per P&l account is Rs,4,50,000.
1.My question is can the said assessee file ITR 4S and shows income as Rs,1,20,000 (15,00,000 X 8% ).
2. Whether the above profit and loss account can be submitted in bank if necessary arises.

What explanation should i submit for the difference in profit

Rupesh Jain

Rupesh Jain (Expert)
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06 June 2016 there is no required for books maintenance, you can submit the return with bank, but bank demand the P/L a.c

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 June 2016 1 Yes you can file ITR 4S and show profit as Rs. 1,20,000(Turnover is 15 lacs).
2 You can submit to bank P & L ac for 4.50 lacs.

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