17 November 2017
Section 44AE – Business of plying, leasing or hiring trucks (Provision for A.Y. 2010-11 )
Any person engaged in the business of plying, leasing or hiring of trucks if he owns not more than 10 goods carriages at any time during the previous year including those taken on hire purchase or on instalments. This scheme does not apply to those who operate trucks on hire without owning them (Circular 684, dt. 10-6-1994)
For Heavy Goods Vehicle -Estimated Income is Rs. 3,500 for every month (or part of a month) during which the goods carriage is owned by the taxpayer.
For Other than Heavy goods vehicle Estimated Income is Rs. 3,150 for every month (or part of a month) during which the goods carriage is owned by the tax-payer.
CAclubindia
