80rra with 44ab

Deduction under 80RRA is closed wef AY 2005-06 i.e there is no Such deduction now.

But what benefit are u expecting out of 44AB - it is just an obligatory section for certain assesees to get their accounts audited.

Sir,

thanks for your response.

How about section 80-O?Is it still applicable?

Other profession expenditures are allowed to deduct form earning in 80-O

Thanks

Can we make profit & loss account for 80-O section?

In profit & loss account all profession expenditure will be considered to get foreign income.

But I am affraid,whether 80-o allow to deduct another expenses apart from 50%?

Dear Dinesh

The deduction U/s 80-O of Income Tax Act is NOT AVAILABLE from AY 2005-06.