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presumptive taxation.

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(Querist)
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?
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
22 November 2008 if you are selling the good to customers who are used the goods for there personal used not fopr resales then it is called retailors & your turnover is less then rs 40 lakhs so in your question goldsmith sparepart shop are sold the goods to the customers then you are show a net profit @5%
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 November 2021 Yes. all the grain shops, spare part shops etc are termed as retailers.
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