Presumption income scheme u/s 44ad
Querist : Anonymous
A transport owns 8 heavy vehicle and another 10 vehicle take on hire form other vehicle owners.
he use the above vehicle to provide transportation service to many kind of business houses and as consideration including loading and uploading he get cartage on km or weight basis or on fix contract basis.
his estimated receipts for the financial year is Rs. 58 Lacs
can he offer the above turnover for tax under sec.44 AD
So know we have to analyis is you offer income as per section 44AE or should be done tax audit as per section 44AD.
First i am here re-producing section 44AE.
As per section 44AE an assessee who carries on the business of plying,hiring or leasing goods carriages and who owns not more than 10 goods carriages at any time during the year, the income shall be deemed to be Rs.5000/- from a heavy goods vehicle and Rs.4500/- fromm other than a heavy goods vehicle for every month or part of the month during which such goods vehicle is owned by the assessee in the previous year or such higher sum as declared in the return of income by the assessee.
An assessee who is in possession of a goods carriage,whether taken on hire purchase or on installments and for which the whole or part of the amount payable is still due shall be deemed to be the owner of such goods carriage. So according to this para you will be consider as deemed owner for the 10 vehicles which are hired(leased) by you and already owned by you is 8 i.e you are the actual owner. So total no of vehicles owned by you is 18(8+10)
According to the first para you should be make tax audit under section 44AB and no chance to offer income under section 44AE.
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
1.he takes 10 vehicle on rent basis from another vehicle owner not on lease or hire purchase basis so i think sec. 44 AE will not apply.
11.as per sec. 44 AD any business excepts contained in 44AE can opt PIS.
So that mean if its not covered by 44AE than can we opt44 AD
please Reply ASAp
SAB KA MALIK EK HAI. jAI SAI RAM
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
IN THIS CASE BOTH PARTIES HAVE INDENT TO TRANSFER THE PROPERTY BUT IN CASE OF HIRE PROPERTY ARE TRANSFER FOR USE FOR SOME TIME NOT FOR PERMANENTLY TRANSFER
ON THE BASIS PLEASE CLARIFY MY QUERY
As per section 44AE an assessee who is in possession of goods means not required transfer or intention to transfer of owner ship. However hire and lease means same meaning.
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist : Anonymous
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
jai sai RAM
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
OM SAI SRI SAI JAI JAI SAI
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