15 July 2009
For presumptive taxation u/s 44AE the restriction is only the assessee is not owning more than 10 vehicle at any time during the previous year upto my knowledge, is there any restriction on total reciepts during the previous year,like turnover morethan 40 laks u/s 44AD & 44AF is not go for presumptive taxation.
There is no restriction on the total receipts of the assessee for the presumptive taxation u/s 44AE. The only restriction has pointed by you is the number of vehicles owned by the Assessee.
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