08 October 2009
Sec 44AF is applicable in case of retail business and if you copmute profit at least @ 5 % of the Gross receipts and if turnover is below 40 lacs, the assessee need not maintain accounts under sec 44AA and need not get the accounts audited under section 44AB.
So conditions are 1) Must be in retail trade in any goods or merchandise. 2) having Turnover below 40 Lacs 3) Calculate profit @ 5% or more of gross receipts/turnover.
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