44ADor 44AE which section apply
Yash Chawda (300 Points)
04 January 2018
suppose i have 12 trucks than on me which section apply
21 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 January 2018
Section 44 AE may be applicable - presumative income 7500/- per truck .
Bharat Kumar
(94 Points)
Replied 04 January 2018
sec 44AD will be apply bcoz there is more then 10 trucks having by assessee.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 05 January 2018
presumptive taxation sections won't applicable in your case
Yash Chawda
(300 Points)
Replied 05 January 2018
and prepare p and l a/c and i have use sec 30 to sec 38 for p and l a/c ??
Yash Chawda
(300 Points)
Replied 05 January 2018
so audit was not required if i show less profit becz sec 44ad was not applicable to me as per your answer right ????
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 05 January 2018
there's mixed opinion in this regard, so better you show 8% income or audit your books to avoid scrutiny/ penalty for not auditing
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 05 January 2018
8% income to Avoid possible scrutiny
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