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
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.
CAclubindia
