02 January 2010
Under section 44AF income can be 5% or higher for which no books are require to maintain. If you are not maintaining books then according to me no FBT payable. However you are maintaing books and showing to your return of income then the expenses related to FBT you should calculate the FBT. From A.Y. 10-11 44AF has been replaced with Section 44AD and now FBT no more. Hope the above is for prior to FY 2009-10
02 January 2010
In my opinion, FBT cannot co-related with 44AF. If FBT is applicable on you, then it must be paid. As a retailer you can show your income as per section 44AF and you don't need to maintain books of account for section 44AF.
CAclubindia
