21 September 2013
xyz ltd. engaged in the business of renting of goods carriage rent is on monthly basis all the repair& maint., driver salary, diesel expense are borne by the person who use goods carriage..
now please tell whether xyz ltd. opts for presumptive taxation u/s 44AE considering the facts that all the rent received by co. is pure income??
21 September 2013
In case of 44AE, your income shall be deemed to equivalent to Rs 5000 per month for heavy good vehicle and Rs 4500 per month for vehicle other than heavy good vehicle. This shall be only if the assessee has 10 or less than 10 such vehicles.
However, if your income is less than this, you may maintain books of accounts as mentioned in 44AA and get the tax audit done under 44AB.
21 September 2013
i believe it should. Provided you satisfy all other requirements of the section 44AE, you should be able to claim benefits mentioned therein.
CAclubindia
