44af
This query is : Resolved
21 January 2012
When a manufacturer sells his products in retail outlet and his turnover is less than Rs.40 lacs, does he come under the purview of Section 44AF of the Income Tax Act ?
CA PARAS BAFNA
(Expert)
21 January 2012
Manufacturer in what ever manner sale his product- he will be identified as manufacturer only.
Section 44AF: applicable on Retail Traders.
Traders means those who purchase goods for selling the same.
.
From AY 2011-12, A manufacturer is also covered U/s 44AD.
Section 44AF: applicable on Retail Traders.
Traders means those who purchase goods for selling the same.
.
From AY 2011-12, A manufacturer is also covered U/s 44AD.
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