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Sec 44AE (presumptive taxation for Transporter)

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Querist : Anonymous (Querist)
05 May 2011 If customer owns 8 truck having total reciepts of 52 Lacs in A/y 2010-2011.Is it necessary to get the account audited or not
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CA PRIKSHIT GUPTA

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CA PRIKSHIT GUPTA (Expert)
05 May 2011 U/s 44AE, if you have 10 trucks. You need not to maintain books u/s 44AA and get them audited u/s 44AB irrespective of receipts. Only you have to declare minimum income according to Section 44AE.

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