it assessess professional income gross receipts rs:15 lacs for one finical year .
case-1
profit declared as per it returns rs:7,50,000/- (50 percentage)
profit show as per books rs:9 lacs (70 percentage)
case-2
profit declared as per it returns rs: 9 lacs (70 percentage)
profit show as per books rs:7,50,000/- (50 percentage)
question:
difference profit itr vs books amount adjustment procedure in books and difference profit tax applicable.
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Difference itr vs books for profit d
Replies (2)
No tax applicable on difference of profit adjustment, when income declared under presumptive assessment.
Case 1
profit shown is as per books pat or pbit.
case 2
profit shown is as per books 7.5 lacs or 9 lacs. itr vs books .
amount adjustment after pat .
profit shown is as per books pat or pbit.
case 2
profit shown is as per books 7.5 lacs or 9 lacs. itr vs books .
amount adjustment after pat .
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