44ae

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 I HAVE 4NOS OF COMMERCIAL VEHICLES AND I WAS FILLING MY RETURN UNDER SECTION 44AE. MY TURNOVER HAS CROSSED RS 1.00 CR THIS YEAR. SHOULD I GET MY ACCOUNTS AUDITED IN SUCH CASE OR IT IS NOT REQUIRED IF I AM SHOWING INCOME AS PER 44AE

CA Hardik Bunha

CA Hardik Bunha (Expert)
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12 December 2013 you have to compulsory audited your accounts.

u/s 44ae not applicable when turnover exceeds 1 crore.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013

Section 44AE

Applicable: Assessee engaged in business except plying, hiring or leasing goods carriages and who owns not more than 10 goods carriages anytime during the previous year. However unlike s. 44AD, there is no condition of maximum turnover of the assessee. Assessee shall be deemed to owner of goods vehicles taken on higher purchase or on instalment, whether whole or part of the amount is payable, when such vehicles are in possession of such assessee.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 I HAVE GOT THIS DETAILS AND AS PER THIS IT SAYS THAT THERE IS NO CONDITION OF TURNOVER

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 AND WHAT IF MY RECEIPT/TURNOVER REFLECTED IN 26AS IS MORE THEN 1 CRORE

CA Hardik Bunha

CA Hardik Bunha (Querist)
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12 December 2013 44ae is a presumptive scheme

Querist : Anonymous

Querist : Anonymous (Querist)