hi friends i would like to know that in audit report we attach p/l a/c. my question is that whether it should show taxable profit or accounting profit???
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tax audit query
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accounting profit
In Audit Report , We attched P & L a/c as per Schedule VI , So It will only show accounting profit arrived in that matter.
profit and loss account only shows accounting profit.
Taxable profit shall be disclosed in the Computation of Income for Income Tax Purposes.
Accounting profit is completely different from Taxable profit.
accounting profit is arrived asper Companies Act in case of companies to meet the requirements of Sec 211
taxable profit differs bcoz u disallow few expenses and also provide sum exemptions
so p &l a/c shows only accountable profit
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