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44ae

Karan (student) (167 Points)

02 February 2015

we used to carry goods of other people in our own mahindra pickup vehicle and drop to places as instructed to us . now i want to ask weather i can file ITR u/s 44AE or not?

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4 Replies

GULRAJ AILANI (CA) (234 Points)
Replied 03 February 2015

ITR under section 44 AE can be filed the if income of each Truck considering income of Rs. 5000 per month per Truck or Higher than that (from 01.04.2014) exceeds the maximum exemption limit without claiming deduction under chapter VIA

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Karan (student) (167 Points)
Replied 03 February 2015

I have to file the retutn for AY 14-15.so is it compulsory to show income without considering chapter VIA to be more thn 200000? Actually my annual receipts are around 189000.Can i file return in 44AE or should I go for some other option?

GULRAJ AILANI (CA) (234 Points)
Replied 04 February 2015

Brother

There are two things

Compulsary filing of Return and Total Income of return

Section 139(1) gives the cretiria when assesee has to compulsary file the return. if assesee fits in cretiria he has to compulsary file return. If he does not fits into creteria it is for the assesee whther to file return or not ( option is given to asseesee ).

Filing of retrun is always good.

in your case if you file return then you have to compulsary file it in section 44 AE there is no other option if you holds less than 10 vehicle