retailer has profit as per books of Rs. 1000 however as per sec 44AF 5% of turnover is Rs. 800 for purpose of taxable income should we consider Rs. 1000 or Rs. 800
2 Replies
CA Trinath Galla
(student)
(3130 Points)
Replied 17 June 2009
it will be at the discretion of the retailer if turnover does not exceed 40,00,000
however to claim as per books of account, he shld have been maintained all the books of accounts.
Deepak Kumar
(Regional Head)
(59 Points)
Replied 18 June 2009
| Originally posted by :madhavvan | ||
| " | retailer has profit as per books of Rs. 1000 however as per sec 44AF 5% of turnover is Rs. 800 for purpose of taxable income should we consider Rs. 1000 or Rs. 800 | " |
hi,
we need to consider Rs 800 only
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