Sec 44AE
This query is : Resolved
29 March 2011
If an individual have 10 trucks and having turnover over 40lacs in Section 44AE, then should he liable for audit?
01 April 2011
No as his turnover doesnt exceed 60 lacs. Nd he is engaged in hiring or leasin or plyng of heavvy goods carriage vehicles not exceeding 10 during previous year.
So he is nt liable for tax audit. Nd he can claim benifit u/s 44 AE. Presumptive taxation of rs.5k for heavy vehcl. Nd rs.4.5k for light guds vehcl.
So he is nt liable for tax audit. Nd he can claim benifit u/s 44 AE. Presumptive taxation of rs.5k for heavy vehcl. Nd rs.4.5k for light guds vehcl.
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