U/s 44 AF retail trade you cannot claim and deduction except Interest on capital and Partner's remuneration and all other expenses are deemed to be allowed so you cannot claim the depreciation benefits
Sec 44AF
Page no : 2
girish mangla
(practice)
(206 Points)
Replied 24 March 2008
u/s 44AF 5% of gross income of a retailer is cosidered as deemed income and income from Deposits is treated as IOS and chargeable to this head.
Pradeep Kumar Bohra
(Branch Accounts Manager)
(22 Points)
Replied 17 July 2009
i engage in retail business of job work my total turnover approx 32 to 35 lakh. How much tax will be paid on this income.
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