u/s. 44f
This query is : Resolved
18 March 2010
what is the rate of u/s. 44af for a.y. 2010-11 is there 8%
18 March 2010
Profit from such business should be presumed to be 5% of total turnover for AY 10-11.
Section will not be available w.e.f. Assessment year 2011-2012 . As same has been merged with section 44AD (Presumtive rate: 8%)
Section will not be available w.e.f. Assessment year 2011-2012 . As same has been merged with section 44AD (Presumtive rate: 8%)
Message likes :
1 times
18 March 2010
In section 44AF of the Income-tax Act, after sub-section (5), the following sub-section shall be inserted, namely:—
"(6) Nothing contained in this section shall apply to any assessment year beginning on or after the 1st day of April, 2011.".
Discussion: With the introduction of Section 44AD, this section 44AF relating to presumptive income scheme for retail trade is now scrapped. As per the existing provisions, assessees carrying on retail business needed to admit only 5% of their gross turnover as presumptive income. With the scrapping of this section and introduction of 44AD, now they need to admit 8% of gross turnover as presumptive income.
"(6) Nothing contained in this section shall apply to any assessment year beginning on or after the 1st day of April, 2011.".
Discussion: With the introduction of Section 44AD, this section 44AF relating to presumptive income scheme for retail trade is now scrapped. As per the existing provisions, assessees carrying on retail business needed to admit only 5% of their gross turnover as presumptive income. With the scrapping of this section and introduction of 44AD, now they need to admit 8% of gross turnover as presumptive income.
Message likes :
1 times
21 March 2010
Hi Rajesh, for the assessment year 2010-11 the rate is 5%. However from assessment year 2011-12 44AF has been scrapped and merged with 44AD where the applicable rate is 8%.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
