14 September 2007
If an assessee is involved in goods transport business and also travelling business( gross receipts not exceeding 5lacs in last 3 years).Is he liable to maintain books of a/c u/s 44AB or can file return u/s 44AE??
Check the nature of Transport business the assesse has. Section 44AE is applicable for the following conditions
Condition 1 The taxpayer may be an individual, HUF, AOP, BOI, firm, company, co-operative society or any other person. He or it may be a resident or a non-resident. Condition 2 Taxpayer is engaged in the business of plying, hiring or leasing goods carriages. Condition 3 The taxpayer owns not more than 10 goods carriages at any time during the previous year.
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