if we opt for 44AD, what cash bal should we show in ITR4 or ITR 4S? Bcos iam maintaining both daybook & ledgers. The cash bal. as per cash book & cash as per B/S (prepared in presumptive basis)differs. as my net profit is 15% iam having more cash in cash book. shall i continue to enjoy that high cash bal while i pay tax only for 8% pls clarify.
29 July 2011
presumptive basis is for calculating taxable profit. And balances of ledgers are nothing to do this calculation. Show the balance of debtors, creditors & Stock in Trade & Cash Baalnce as actual.
CAclubindia
