business for presumptive income

This query is : Resolved

Janvi (Querist)
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20 March 2014 A person hires a truck from truck ownwer and lends it further to the final user and keeps some part of the reciept as his profit. can the person aaaavail the benifit of section 44 AD or 44AE??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 March 2014 1. The person CANNOT be said to OWN the trucks. Accordingly he CANNOT avail benefit of Section 44AE.

2. He can avail benefit of Section 44AD.

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Janvi

Janvi (Querist)
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20 March 2014 Thanx for the reply but can the benifit of 44 AD be availed if the the person has incurred loss during the year?

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