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gautam (Querist)
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29 June 2013 If a assesse show his income in itr4s @ 8% and in the books of account lower than 8% in book . So what are the consequences. 2query. If a person having business of battries and he is having tution income also. So we are shows that tution income in other source head or not

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 June 2013 If you credit the Capital Account by such lower profit amount , though showing income ITR @ 8%, then department will have no objection.
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It is advisable to manage the Books of Account accordingly.
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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 June 2013 Tuition Income can also be included with the Business of Batteries and profit can be shown at a higher percentage.
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In case the person is professionally qualified like BE or Diploma Holder, he should show it as his professional income rather than showing as IFOS.
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