Return Filing U/s 44 Af

I am not able to understand your question, how can a firm has profit u/s 44AF because it has to maintain book of account and account must be audited.

I think with ITR V, u mean ITR 5 :)

On the first page of ITR 5, please opt NO in front of ‘Are you liable to maintain books of accounts u/s 44AA’

In Part A-BS col 6 (no account case), write the amount of Drs, Crs, SIT and Cash in hand

In Part A- P&L in col 52 (no account case), write TO as 38 lac, GP as 209000, Exp. as 200000 and NP as 9000/-

Be sure to opt for code 0202 ‘Retailers’ in the drop down menu under the head ‘Nature of business’. Here u can write a small note like Section 44AF opted. Profit before Interest & Remuneration to partners is 5.5%. This much text is allowed by mostly all e-filing software in this area of ITR. I am asking u to write this so that ITO may not say that this is ur after thought.

I don’t think there is any better way of expressing income u/s 44AF in ITR 5.

The above opinion is based keeping in view that u will e-file this return (which I recommend). If u r filing it through paper, u can write anything any where to express yourself  :)