it assessess professional income gross receipts rs:15 lacs for one finical year .
case-1
profit declared as per it returns rs:7,50,000/- (50 percentage)
profit show as per books rs:9 lacs (70 percentage)
case-2
profit declared as per it returns rs: 9 lacs (70 percentage)
profit show as per books rs:7,50,000/- (50 percentage)
question:
difference profit itr vs books amount adjustment procedure in books and difference profit tax applicable.
No tax applicable on difference of profit adjustment, when income declared under presumptive assessment.
CAclubindia
