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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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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

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CA PARAS BAFNA (Expert)
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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