MY CLIENT IS A TRANSPORTER HAVING 6 TRUKS. I WANT TO KNOW WHAT IS THE PROFIT LIMIT FOR EACH TRUCK TO FILE RETURN UNDER 44AF(I HAVE COME TO KNOW THAT NOW IT IS 44AD THAN WHAT IS THE PROFIT LIMIT FOR EACH TRUCK DURING THE YEAR?)
03 January 2012
Sect. 44AE is applicable for computing profits and gains from plying, hiring or leasing goods vehicles. Income from goods vehicles taken on rent or lease are not covered under this sect. Deemed net income considering all exp. and depreciation for each heavy vehicle is Rs. 5000/- and from other than heavy vehicle/per -Rs. 4500/- under this provision.
Sect. 44AF is not available for AY 2011-12 & onward.
Except income from truck all the income from all types of businesses can be computed u/s. 44AD, if turnover is below the limit liable for audit u/s. 44AB. Deemed net profit will be 8% of gross turnover or receipts of business.
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