In Case Retail sales are of Rs. 4 lacs and commission income is 9 lacs.Total turnover & Gross receipt comes to Rs.13Lacs. Will sec 44AF apply? If yes on total 13 Lacs?
02 March 2010
as per sec. 44AF , your turnover is Rs. 4 lac and commission receipts are separately taxed. There are two business. One is retail trade and other is commission business.
CAclubindia
