09 August 2010
ONE OF MY ASSESSEE HAVING 9 TRUCKS , AND FREIGHT RECEIPT DURING THE PREVIOUS YEAR IS Rs. 2 CRORE. LIABILITY OS SEC. 44 AB APPLICABLE OR NOT. HE DECLARE PROFIT ABOUT Rs. 7 LACS, HE FILED HIS RETURN UNDER THE PROVISIONS OF SEC. 44 AE OR NOT.
09 August 2010
IN YOUR CASE IT IS BETTER TO APPLY SECTION 44AE, BY APPLYING THIS SECTION YOUR NET INCOME WILL BE 9 X 3500 X 12 = 378000 (CONSIDERING THE ABOVE VEHICLES ARE HEAVY VEHICLES)