TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 44AF phases out income estimation for retail trade from assessment year 2011 onwards.</h1> Clause 22 of the Finance (No. 2) Bill, 2009, amends section 44AF of the Income-tax Act by inserting sub-section (6), which stipulates that the section's provisions will not apply to any assessment year starting on or after April 1, 2011. Section 44AF previously allowed for the estimation of income from retail trade at 5% of total turnover or a higher declared amount. This amendment aligns with the substitution of section 44AD and is effective retrospectively from April 1, 2009, thereby phasing out section 44AF for future assessments.
TaxTMI 
TaxTMI 
