income tax

[AMIT KUMAR]

Dear sir

income tax u/s 44AF and 44AD deduction 80 C 1,00,000/- claim A.Y. 2011-12 and A.Y 2012-13

AI Summary

Clarification on Income Tax Deductions: Section 44AF for AY 2011-12; Section 44AD for AY 2012-13 with 8% Profit Requirement. A user inquired about income tax deductions under sections 44AF and 44AD for assessment years 2011-12 and 2012-13. The response clarified that for AY 2011-12, section 44AF applies with a business profit chargeable at 5%, while for AY 2012-13, this section becomes inoperative, falling under section 44AD. Section 44AD for AY 2011-12 pertains to civil construction or labor supply, and for AY 2012-13, it applies to any business, requiring a minimum profit declaration of 8%. Further details can be found in the Finance Act No-2, 2009.