Lower profits allowed when taxpayer maintains statutory books and furnishes an audit report under tax law. The amendment allows an assessee under the presumptive profits regime to claim lower profits and gains than the prescribed rates if the assessee keeps and maintains books of account and other required documents and gets the accounts audited and furnishes the audit report, thereby enabling computation of taxable income on actual audited books notwithstanding the presumptive computation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Lower profits allowed when taxpayer maintains statutory books and furnishes an audit report under tax law.
The amendment allows an assessee under the presumptive profits regime to claim lower profits and gains than the prescribed rates if the assessee keeps and maintains books of account and other required documents and gets the accounts audited and furnishes the audit report, thereby enabling computation of taxable income on actual audited books notwithstanding the presumptive computation.
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