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SECTION 44AF
For A.YR 2009-10:- A firm has:-
N/P as per P & La/c (after interest & before remuneration) =10000
Interest on capital @ 12% =45000
FBT paid in the p.yr =500
Income tax for the firm paid in the p.yr=1250
Depreciation provided =5000
Depreciation as per IT Rules =5500
What will be its total income?
Whether this firm can calculate profit as per Section 44 AF?
If so, what will be the profit & total income?
Replies (1)
| Originally posted by :JYOTHILAKSHMI.T.S | ||
| " | Applicability of Sec. 44AF depends on the business of the firm and his turnover. If person is engaged in retail business and have turnover less than 40 lacs he can do the same | " |
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