SECTION 44AE
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2010
A assess have been awarded contract for transportation of certain qty. He owns 5 trucks only and so he engages 8 attached trucks to complete the job. The freight is paid to assesse since the contract is in his name. He charges service charges or commission to attached truck owners.
The gross freight receipts for 2009-10 is expected to exceed Rs.40 lakhs.
Can he file his return u/s 44AE as he owns less than 10 trucks. He also derives commission income also and his gross business turnover is over Rs.40 laksh.
The gross freight receipts for 2009-10 is expected to exceed Rs.40 lakhs.
Can he file his return u/s 44AE as he owns less than 10 trucks. He also derives commission income also and his gross business turnover is over Rs.40 laksh.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2010
IT IS AMPLY CLEAR THAT TURNOVER LIMIT OF RS.40 LACS DO NOT APPLY TO ASSESSES WHO OWN UPTO 10 TRUCKS.
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