U/s44ae of the it act, 1961, very urgent

This query is : Resolved

AMIT AGRAWAL (Querist)
Follow

08 October 2011 SIR HOR ARE YOU.
A PERSON IS ENGAGED IN THE BUSINESS OF HIRING , LEASING, PLYING HEAVY GOODS VEHICLE AND RECEIVED A TOTAL GROSS RECEIPTS ENDING 31.03.2011 RS 8550000/- AND CLAIM INCOME RS 800000/-
WHETHER HE IS REQUIRED TO AUDIT U/S 44AB YES WHY

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)
Follow

09 October 2011 If the number of vehicles plied are 10 or less then the assessee can claim benefit under Section 44AE, he can show profit of Rs. 600000/- (60000*10). It does not matter if his gross receits are more than 60 lakhs - still he need not get accounts audited. But if Profit is less that 60000/- per vehicle, he has to get accounts audited