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of <h1>Section 44AF: Retail Businesses Must Declare 5% of Turnover as Profits; Excludes Sections 44AA, 44AB Limits</h1> Section 44AF, introduced by the Finance Act of 1997, applies to retail businesses for computing profits and gains. It mandates that 5% of the total turnover or a higher declared amount be considered taxable profits, provided the turnover does not exceed forty lakh rupees. Deductions under sections 30 to 38 are considered accounted for, except for partner salaries and interest in firms, which are deductible as per section 40(b). Asset depreciation is assumed to be claimed annually. Sections 44AA and 44AB do not apply to such businesses, excluding their turnover from monetary limits under these sections.
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