44 af
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2010
Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at 11% = 1 65000
Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)
For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years for scrutiny
What are the basis of picking an ITR for scrutiny?
THX IN ADVANCE
Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at 11% = 1 65000
Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)
For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years for scrutiny
What are the basis of picking an ITR for scrutiny?
THX IN ADVANCE
02 June 2010
Section 44AF is different from Section 80C.
You are showing business income under section 44AF.
You will claim your savings under section 80C in your final computation of total income. And also interest on housing loan as a intrahead adjsutment.
You should keep your books of accounts for total 8 years. IT can take your case under scrutiny, if they have information about your concealment of income with in these 8 years.
You are showing business income under section 44AF.
You will claim your savings under section 80C in your final computation of total income. And also interest on housing loan as a intrahead adjsutment.
You should keep your books of accounts for total 8 years. IT can take your case under scrutiny, if they have information about your concealment of income with in these 8 years.
Message likes :
1 times
02 June 2010
Agree with expert
Message likes :
1 times
02 June 2010
I think you have have to keep the books of Accounts for income tax purpose for 6 years
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
- Invoice Numbers WROGLY ENTERED
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
