17 September 2012
Sir/Madam A person who has a trading unit whose total sale is more than 1 crore. He has a truck so can he audited the trading accounts only and take the income of Rs. 60000 from truck business u/s 44AF
17 September 2012
Section 44AB states that the gross receipt more 1cr needs to maintained the books & needs to get the accounts audited.
If i understood the question properly then, the person he running the business of renting the truck & the annual gross receipt is less than 1cr. Sec 44AF, Rs.5K per month of part thereof can be considered as income (assuming the expenses sec 28-38 is already granted) & who owns not more than ten goods carriages any time during the year.
If you meet the condition : 1. Gross receipt less than 1cr 2. & owns not more than 10 trucks any time during the year.
Then you can show the income of 5k per month i.e. 60K for year.
CAclubindia
