Which amount should i show in b/sheet

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YELLANKI RATHNAGIRI (Querist)
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16 July 2012 Dear all please clarify my doubt

i have one kirana shop, turnover 15,00,000 as per my knowledge i got 80,000 profit but my tax consultant declared in ITR 1,20,000 as profit (U/s 44AD minimum 8%)

i submitted my ITR Acknowledgement to bank for loan purpose they are asking my P&L,Trading account and Balance sheet

if show 1,20,000 as net income in my balance sheet then balance sheet will not be tallied, if show 80,000 as net income banker will not consider my IT Return for my loan

so now which amount should i show in balance sheet

Please clarify

shakti soni

shakti soni (Expert)
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18 July 2012 The question which you asked is perfectly practical.....i would suggest you to go to a small loan syndicator....he will solve your problem in seconds......only thing i can say is you can show 120000 as profit after playing some accounting tricks....:)

bye
shakti soni