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44AF

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(Querist)
02 January 2010 Dear friends,
can any one answer me
if we computing income as per 44AF, whats the procedure for calculating FBT.
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Bimal Thacker

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Bimal Thacker (Expert)
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
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
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.
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Heera Nahariya

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Heera Nahariya (Expert)
02 January 2010 agree with Mr. Tilak
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