presumtive taxation u/s. 44 AE

This query is : Resolved

shreepal (Querist)
Follow

16 June 2011 PLEASE GUIDE WHERE THE ASSEESEE HAS LESS THAN 10 TRUCKS AT ANY TIME DURING THE WHOLE YEAR AND HIS TURNOVER FROM TRUCK LEASING HIRING AND PLYING BUSINESS IS MORE THAN RS.60,00,000/- WHETHER HE CAN COMPUTE HIS INCOME UNDER PRESUMPTIVE METHOD U/S. 44 AE?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

16 June 2011 YES, HE CAN DO SO. SECTION 44AE(5) CLARIFIES
AS UNDER-

The provision of Section 44AA and 44AB shall not apply in so far as they relate to the business referred to in ss(1) and in computing the monetary limits under those Sections, the gross receipts or as the case may be the income from the said business shall be excluded .