SECTION 44AF
This query is : Resolved
21 July 2011
I WANT TO KNOW THAT SECTION 44 AF IS NOW INOPERATIVE? OR I CAN CALCULATE MY PROFIT UNDER SECTION 44AF? PLEASE GUIDE ME,
Thanks in advance
Thanks in advance
21 July 2011
For AY 2010-11 Section 44AF is still applicable.
However, for the AY 2011-12, "its big brother" i.e. Section 44AD has come into effect. The profit has to be shown @ 8% or more of the Gross Receipts or Turnover.
In 44AF, only retail traders were covered,
whereas U/s 44AD, all the eligible businesses are covered.
The business which is not eligible U/s 44AD is plying and leasing of goods carriage.
Turnover Limit 60.00 Lacs.
However, for the AY 2011-12, "its big brother" i.e. Section 44AD has come into effect. The profit has to be shown @ 8% or more of the Gross Receipts or Turnover.
In 44AF, only retail traders were covered,
whereas U/s 44AD, all the eligible businesses are covered.
The business which is not eligible U/s 44AD is plying and leasing of goods carriage.
Turnover Limit 60.00 Lacs.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
