presumptive tax sec.44AF
This query is : Resolved
CA Abhishek Singh
(Querist)
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% ??
CA.Tarun Maheshwari
(Expert)
17 May 2009
yes. He can do so. There is no problem in applying sec 44AF in this case.
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