Transport business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2014
Dear friends,

Please help me in following case

Case 1

Transporter having Total Gross Receipts is Rs. 90 Lac,
He has taken all the 12 Trucks on Rent

In which section i have covered
Section 44AD
Section 44AE
or can i declare profile lower than 8% of Gross Receipts without Tax Audit

Case 2
What will the answer if i have taken only 9 trucks on the Rent

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 September 2014 case 1 : can be covered under 44AD (44AE wont apply as the vehicles exceed number limit of 10)

case 2: 44AE shall apply

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2014 But under Section 44AD Transport Businesses are specifically excluded

It means can i declare profit lower than 8% without Tax Audit

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 it excludes only the 44AE business. once you got more than 10 trucks, 44AE wont be applicable, thus leaving 44AD option open