08 September 2014
If owner owes more than 10 Vehicles & Gross receipt is less than 1Crore. Can we file Return considering income U/s 44AD instead of 44AE? Is audit compulsory u/s 44AE?
Yes. You can file return u/s 44AD if your number of vehicles exceeds specified limit of 10 vehicles u/s 44AE.
No need of Audit u/s 44AE if you are not declaring less than the presumptive income specified u/s 44AE viz., Rs. 5000 p.m. per heavy vehicle in the fleet and Rs. 45000 for LCV
CAclubindia
