tax audit query

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