i am doing business of hiring vehicles & i have filed I.T.Return u/s 44-ae. For F.Y.2010-11 my T.O. exceeds of Rs.60 Lacs. so can i filed my return u/s 44-ae or i have to make audit u/s 44-ab for this year.
23 February 2012
Turnover is not a criteria for 44AE. What has to be seen is the number of vehicles and whether the nature of business is 'plying,hiring or leasing of goods carriages'.
23 February 2012
The word "owned" may be added with the above reply in reference to vehicles. . Without ownership of vehicles 44AE will not be available.
CAclubindia
