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Difference between 44af & 44ad for a.y 2011-12

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(Querist)
14 January 2012

pl. let me know the details difference
between 44af & 44ad.
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Ravikant

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Ravikant (Expert)
14 January 2012 Section 44AF was not in existence in AY 2011-12, it was for presumptive business of Retail Trade considering Profit at 5% of turnover. It has been merged with Section 44AD which considers presumptive income of 8% of turnover.

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