Lower profits claim on compliance with bookkeeping and audit enables assessment under regular income assessment procedure. An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps required books of account and other ... Summary
Lower profits claim on compliance with bookkeeping and audit enables assessment under regular income assessment procedure.
An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps required books of account and other documents and furnishes the required audit report; upon that compliance the Assessing Officer shall proceed to make an assessment of the total income or loss through the regular assessment procedure and determine the sum payable by or refundable to the assessee.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
