banner_ad

Direct Tax, Presumptive Tax System

This query is : Resolved 
Profile Image

Profile Image

(Querist)
27 July 2010 Could anybody give me brief drescription about Sec44AF,

If Assessee declares higher income than,
whether assessee can claim expenditure U/S Sec.30 to 38
Profile Image

Gaurav Barmera

Profile Image

Gaurav Barmera (Expert)
27 July 2010 Sec 44AF of income tax act is applicable only to retail trades and the section specifies that the income of the person is deemed to be 5% of total turnover or any other rate declared by the person which ever is higher and this sec is not applicable if the turnover exceeds 40 lakh.
assesse cant claim expenditure u/s 30 to 38
Profile Image

mohinder kansal

Profile Image

mohinder kansal (Expert)
27 July 2010 assessee is free to declare income more than 5% of total turnover. when income is shown on presumptive basis under section 44AF further deduction of expenses under referred section is not deductible. if it is partnership firm salary and interest paid to partners as per deed shall be deductible from the income thus declared.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details