Limit of transport business u/s 44ab

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Sunny Bhatia (Querist)
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11 September 2012 What will be the limit for transport receipts u/s 44AB for the purpose of audit (Rs. 15 lacs or 60 lacs) for F.Y 2011-12 ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 September 2012 Section 44AE shall apply. pls read it carefully.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 September 2012 In case of a transporter, you have to first see whether he owns more than 10 trucks or not.

(a) If he does not own more than 10 trucks then he falls within Section 44AE irrespective of the turnover.

(b) If he owns more than 10 trucks, he is NOT covered u/s 44AE and his income will be computed as per the normal provisions.

If he falls in (b) above, the turnover limit for tax audit u/s 44AB is Rs. 60 lakhs since he is NOT a professional.

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