Section 44af

divyesh (Partner) (107 Points)

03 May 2011  

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