Section 44AF
This query is : Resolved
17 July 2008
Suppose i am calculating my income under Section 44AF, Whether the deduction under chapter VI will be available for me while calculating my taxable income
17 July 2008
Yes deduction under chapter Vi will be available from the Income of Business worked out as per section 44AF.
17 July 2008
Deduction under section 80C would be available ????????????????
17 July 2008
Of course, it is available. As oer section 44AF, the income under head business and profession is arrived at and it is presumed that deduction under section 30 to section 38 has been allowed. Deduction under section 80C is available from the GTI which includes Income from BP.
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