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Section 44AF

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(Querist)
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
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
17 July 2008 Yes deduction under chapter Vi will be available from the Income of Business worked out as per section 44AF.
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Sushant Panigrahi

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Sushant Panigrahi (Querist)
17 July 2008 Deduction under section 80C would be available ????????????????
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
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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