SECTION 44AF

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chintan (Querist)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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