presumptive taxation.
This query is : Resolved
21 November 2008
COULD NEBODY EXPLAIN ME THE TERM "RETAIL BUSINESS" IN THE CONTEXT OF SEC 44AF. DOES SEC 44AF APPLY TO A GOLDSMITH,SPARE PART SHOP OWNER?
CA.ViVeK M ACA
(Expert)
22 November 2008
Retail trade is not defined in IT.But it means any person carrying out any retail business.
44AF shall be applicable where the turnover doesnot exceeds 40lakhs.
5% of the turnover or gross receipts shall be deemed to be income from the retail business.
44AF shall be applicable where the turnover doesnot exceeds 40lakhs.
5% of the turnover or gross receipts shall be deemed to be income from the retail business.
22 November 2008
Continuing vivek,one view is if goods are sold to end user it can be called as retail business/trade.
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