Hi there,
i am totaly confused regarding the method(TABULAR FORM) to use for computation of income under head Profits And Gains From Business & Proffession(PGBP).
I am refering Girish Ahuja Sirs' book and method given there for computation just passed way above from my head and i really dont know which method to use now. The method which i used/learned earlier was like this :
NET PROFIT AS PER Profit & Loss(P&L) A/c
Add: Income allowed under head PGBP but not included in P&L A/c
Less: Income included in P/L A/c but not allowed U/h PGBP
Add: Expenses deducted in P&L A/c but not allowed U/h PGBP
Less: Expenses allowed U/h PGBP but not included in P&L A/c
= INCOME UNDER HEAD Profits And Gains From Business And Proffession
I am confused regarding the method+presentation given in Girish Ahuja Sirs' book.
Can anyone please suggest me with the method acceptable by ICAI. please.
CAclubindia
