Dear All
We are firm engaged in retail business, turnover less than 40 lakhs, our gross profit is less than 5%, can we opt for 44af and declare income @ 8% of turnover for AY 2011-12 and claim interest and remuneration as deduction ? Also do we have to go for tax audit ?
Regards
Divyesh
I think u r talikin about Section 44AD.
U can declare ur income @ 8% & no tax audit will be required.
But if u declare income at 5%, Audit will be required.
Interest to partners&salry to partners will be allowed as deduction.
aGREE wid arpita
argee wid above reply
agree with above reply....
for the a y 2011-12 retail business income wich section applied? 44AF or AD . why?
CAclubindia
