SEC 44AE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
IS LIMIT OF 40 LAKHS for tax audit is APPLICABLE IN CASE OF SEC 44AE ALSO i.e. business of plying, hiring or leasing of truck
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22 July 2010
NO EITHER YOU CAN OPT FOR 44AE OR 44AB
22 July 2010
No. Criterion is number of vehicles.
22 July 2010
Section 44AE provides for a method of estimating income from the business of plying, hiring or leasing trucks owned by a taxpayer owning not more than 10 trucks. But the scheme is optional.
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