hi friends i would like to know that in audit report we attach p/l a/c. my question is that whether it should show taxable profit or accounting profit???
5 Replies
CA Mohit Thareja
(Assistant Manager-Accounts & Finance)
(1117 Points)
Replied 04 May 2011
accounting profit
Viren
(Chartered Accountant)
(137 Points)
Replied 04 May 2011
In Audit Report , We attched P & L a/c as per Schedule VI , So It will only show accounting profit arrived in that matter.
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 04 May 2011
profit and loss account only shows accounting profit.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 05 May 2011
Taxable profit shall be disclosed in the Computation of Income for Income Tax Purposes.
Sathya Sankeerth K N
(Chartered Accountant)
(429 Points)
Replied 06 May 2011
Accounting profit is completely different from Taxable profit.
accounting profit is arrived asper Companies Act in case of companies to meet the requirements of Sec 211
taxable profit differs bcoz u disallow few expenses and also provide sum exemptions
so p &l a/c shows only accountable profit
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