I HAD A CONFUSION REGARDING BALANCE SHEET PREPARATION FOR SEC 44AE
THOUGH IS IN NOT REQUIRED AS PER INCOME TAX ACT, BUT I WANT TO PREPARE IT FOR MY SUBSEQUENT REQUIREMENT, I AM CONFUSED AS WHEN I TAKE PRESUMPTIVE INCOME, I NEED TO ADD IT TO CAPITAL A/C AND ON ASSET SIDE ACTUAL FIGURES OF BANK & CASH A/C, IN THIS CASE B/S WILL NEVER TALLY, THEN HOW TO TREAT THIS.
THANKS FOR YOUR REPLIES
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Section 44AE
Replies (3)
No need to give effect to presumptime income in books of account. Instead prepare balancesheet from actual P & L figures.
ya priyank is correct
but then what is the meaning of section once u said no need to prepare books of a/cs and at the same time u say prepare b/s as per p&l figures
when books of accounts are not maintained then where is p&l
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