retail trade

CA Krishna Chaitanya M (Chartered Accountant) (463 Points)

01 September 2010

for the purpose of sec.44AF of income tax act, retail trade means

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3 Replies

vkbothra (Learning ) (690 Points)
Replied 01 September 2010

U/s 44D applied on,

COMPUTING PROFITS AND GAINS OF BUSINESS OF CIVIL CONSTRUCTION

U/s 44AF applied on,

COMPUTING PROFITS AND GAINS OF RETAIL BUSINESS

;)

Sunshine (Helping All) (10575 Points)
Replied 01 September 2010

i agree....

Kamal Jain (FCA) (200 Points)
Replied 01 September 2010

Meaning of retail business has lost sanctity as w.e.f.1.4.2011 as , only 2 sections of presumptive taxation are operational from now onwards:

44AD Any trade except plying/hiring/leasing goods carriage

44AE plying /hiring/leasing of goods carriage

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