31 March 2012
gud evening to all experts, supoose sir i have 5 truck and my gross turn tover above 60 lakh. 1-if i wil profit less than 8 % than will i audited my account 2- if i will show profit 8 % than will i audited my account
31 March 2012
Firstly since you are in the business of trucks, you are covered u/s 44AE.
Section 44AE has no criteria for turnover. The only condition is that the assessee should not own more than 10 trucks at any time during the year.
Minimum income is NOT 8%. It is as under:
Heavy vehicle - Rs. 5,000/- per month per truck. Other vehicle - Rs. 4,500/- per month per truck.
Guest
Guest
(Querist)
31 March 2012
No sir u don’t understanding my query my query is only that I m a transporter and sir I have 5 truck than plz tell me only this . that 1-if I will show profit less than 8 % than will I audited my account. While my gross turn over above 60 lakh. And sir 2- if I will show profit 8 % or above than will I audited my account. While my gross turn over above 60 lakh. Thus plz tell me only this that in both condition will I audited my account
CAclubindia
