it assessess for example sales turnover rs:40 lacs profit declared rs:4,80,000/- show in it returns sec 44 ad provision.if assessess profit credit by capital account rs:3,20,000/-(profit 8 percentage)
question:
assessess difference profit tax adjustment procedure.
The declaration as per ITR (as per presumptive assessment) has no effect in books of account.
Books of accounts are maintained as per actual profit only.
No question of any adjustment of profits in books...
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