13 October 2018
Respected sir, A person maintains full books of accounts and as per that he is having turnover of Rs. 1.75 Crore. As per his profit and loss account he is having a net profit of Rs. 18 Lakh. But he wants to declare his profit of Rs. 14 Lakh @ 8% (As per section 44AD of the I.T. Act). My question is that – What kind of legal situation may arise in this case. Please guide. With regards
CAclubindia
