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section 44AF

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(Querist)
08 July 2010 if assessee files return showing 5% as income from business(as required) but in actual the profit margin is 26% can AO demand tax as per 26%??
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chetan soni

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chetan soni (Expert)
08 July 2010 No, section 44AF is presumtive taxation basis for taxing the income.

You just need to show the minimum income to comply with the sections.

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