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
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....:)
CAclubindia
