my client is having 8 lorries and 1 Bolero van. And his turnover is about RS.65 LAKHS FOR THE ACCOUNTING YEAR 2011-2012. MY CLIENT IS HAVING BELOW 10 VEHICLES, CAN HE FILE HIS IT RETURN UNDER SECTION 44 AE. OR TO BE AUDITED.
22 September 2012
Yes you can very well opt for sec 44AE. Provisions of audit do not apply on you. But 44AE says that income will be higher of 5000 Rs per heavy vehicle or the actual income from such vehicle. In car of van the the deemed income is Rs 4500.
CAclubindia
