44 af
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2010
Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at 11% = 1 65000
Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)
For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years for scrutiny
What are the basis of picking an ITR for scrutiny?
THX IN ADVANCE
Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at 11% = 1 65000
Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)
For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years for scrutiny
What are the basis of picking an ITR for scrutiny?
THX IN ADVANCE
02 June 2010
Section 44AF is different from Section 80C.
You are showing business income under section 44AF.
You will claim your savings under section 80C in your final computation of total income. And also interest on housing loan as a intrahead adjsutment.
You should keep your books of accounts for total 8 years. IT can take your case under scrutiny, if they have information about your concealment of income with in these 8 years.
You are showing business income under section 44AF.
You will claim your savings under section 80C in your final computation of total income. And also interest on housing loan as a intrahead adjsutment.
You should keep your books of accounts for total 8 years. IT can take your case under scrutiny, if they have information about your concealment of income with in these 8 years.
Message likes :
1 times
CA CHINTAN AJMERA
(Expert)
02 June 2010
Agree with expert
Message likes :
1 times
Manmohan ACA, CS
(Expert)
02 June 2010
I think you have have to keep the books of Accounts for income tax purpose for 6 years
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- TAX AUDIT ON PROFESSIONAL INCOME
- Capitalgain tax purposes for valuation report compulsory
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Under marginal scheme
- Import of Software Service.
- GST on Renting godown to KFCSC for Storage of Raagi
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
