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SEC. 44 AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2010 ONE OF MY ASSESSEE HAVING 9 TRUCKS , AND FREIGHT RECEIPT DURING THE PREVIOUS YEAR IS Rs. 2 CRORE. LIABILITY OS SEC. 44 AB APPLICABLE OR NOT. HE DECLARE PROFIT ABOUT Rs. 7 LACS, HE FILED HIS RETURN UNDER THE PROVISIONS OF SEC. 44 AE OR NOT.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
09 August 2010 IN YOUR CASE IT IS BETTER TO APPLY SECTION 44AE,
BY APPLYING THIS SECTION YOUR NET INCOME WILL BE
9 X 3500 X 12 = 378000
(CONSIDERING THE ABOVE VEHICLES ARE HEAVY VEHICLES)
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
09 August 2010 Nothing is mentioned of the receipts as per section 44AE and hence the same can be applied in the given case.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2010 IF I APPLIED SEC. 44 AE, THE PENALTY FOR NON AUDIT IS APPLICABLE OR NOT
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
09 August 2010 SECTION 44AB WILL NOT BE APPLICABLE IN YOUR CASE.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
09 August 2010 Provisions of section 44AB & penalty will not be applicable in case where profit has been offered as per Section 44AE.

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