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presumptive tax sec.44AF

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(Querist)
17 May 2009 DEAR ALL

ONE OF OUR CLIENT A RETAILER DOES NOT MAINTAIN ANY BOOKS OF ACS. HIS TURNOVER FOR AY 08-9 IS 38LACS. HIS ESTIMATED PROFIT IS 8 LACS.

MY QUESTION IS CAN HE TAKE BENEFIT OF PRESUMPTIVE TAXATION AND HIS INCOME WILL BE 38 LACS * 5% ??
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
17 May 2009 yes. He can do so. There is no problem in applying sec 44AF in this case.

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