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Q. > Please Help: Income Tax
my one party generally keeps cash book/ledger.this year net profit comes less to 8% but he don't want to tax audit and file ITR4S by showing 8% profit.point is while preparing his Balance Sheet which profit would take in his capital a/c whether actual profit or 8% ?
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Comments
CA VIPIN GARG
19-Aug-2011 , 09:25:07 amDear Rajnish Ji, definitely you have to take 8% profit in the balance sheet as well because if you not do that then you may find it difficulty in the future, if your client's case comes under the scruitiny or due to any other reason you require to submit the books against any statutary authority. If you are showing in the return that your profit is 8% that means legally you have earned a profit of 8% no matter how much you have earned practically. Hope you finds your answer you are looking. Please feel free for any further doubt or clarity. Have a nice day.....................
Ashish Karundia
19-Aug-2011 , 12:59:55 pmI agree to the answer given by Mr. Vipin Garg.But I would like to add something i.e. to my knowledge it appears that two sets of books are maintained for Income Tax and Companies Act (though not practically, and therefore, the client can show different profits. However, you have to make it sure that the books maintained for Income Tax purposes are showing the same profit as disclosed in the return.