Definition of retail trade

Hi Shalini,

The word "Retail" as used in Section 44AF is used in the sense ofbeing the sale of goods across the counter for cash (or evencredit). Retail does mean sale of goods to ultimate consumers, butin Section 44AF, this term is used in contradistinction to theterm "wholesale". This is also clear from the ICAI's Guidance Noteon Tax Audit. This means that to qualify to be a retail trader, younot only to have to sell your wares directly to the consumers, butthe sale has to be in small quantities.Only shopkeepers are covered u/s 44AF.Thanks,CA Sanjeev Bedi--- In

ICAI_CIRC_MEERUT_CA@yahoogroups.com, "Shalini Prakash" wrote:>> Sir,> I have a query:-> According to the definition of retail trade, it is the sale, madeto the final customer.One of my client is an exporter of electronicequipments for electronics engineering labs. The purchasers aremostly universities, which purchase it for its labs. Hence the enduse customers.> Now can the exporter file return under section 44 AF?The salebeing less then 40 lakhs. It is a proprietorship concern.>> CA Shalini Prakash>