presumptive tax sec.44AF
This query is : Resolved
17 May 2009
DEAR ALL
ONE OF OUR CLIENT A RETAILER DOES NOT MAINTAIN ANY BOOKS OF ACS. HIS TURNOVER FOR AY 08-9 IS 38LACS. HIS ESTIMATED PROFIT IS 8 LACS.
MY QUESTION IS CAN HE TAKE BENEFIT OF PRESUMPTIVE TAXATION AND HIS INCOME WILL BE 38 LACS * 5% ??
ONE OF OUR CLIENT A RETAILER DOES NOT MAINTAIN ANY BOOKS OF ACS. HIS TURNOVER FOR AY 08-9 IS 38LACS. HIS ESTIMATED PROFIT IS 8 LACS.
MY QUESTION IS CAN HE TAKE BENEFIT OF PRESUMPTIVE TAXATION AND HIS INCOME WILL BE 38 LACS * 5% ??
17 May 2009
yes. He can do so. There is no problem in applying sec 44AF in this case.
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RATE AND HSN CODE
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Sale of property held jointly with a non resident Indian
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- Taxability of Partnership firm for FY 2025-26
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
