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Balance Sheet

ANJANI KUMAR (INTER+CPT) (115 Points)

29 March 2018

A person has income of contract income, bus operating income, lorry income.

whether he will claim under 44ad, ae?

It is necessary to create balance sheet

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 March 2018

whether he will claim under 44ad, 44ae?

YES, he can

It is necessary to create balance sheet?

No need to file

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ANJANI KUMAR (INTER+CPT) (115 Points)
Replied 29 March 2018

But bus operating income is not eligible under Sec44ad due to it is not goods carriage...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 March 2018

Yes, that is why goods carriage operator can opt for sec. 44AE and not sec. 44AD !!!

ANJANI KUMAR (INTER+CPT) (115 Points)
Replied 29 March 2018

The presumptive taxation scheme under these provisions can be opted for by an assessee who is engaged in the business of plying, hiring or leasing goods carriages and does not own more than ten goods vehicles at any time during the previous year.

The important criteria in this scheme is the restriction of owning more than 10 goods vehicles at any time during the previous year. Thus, if an assessee is owning more than 10 goods vehicles during the year, then such an assessee cannot adopt this scheme.

Further, this scheme can be adopted only by the assessees who are engaged in the business of plying, hiring or leasing goods carriages. Thus, an assessee engaged in the business of passenger transport cannot adopt these provisions.

so passenger transportation cannot adopt 44AE..

So under what head it will be show as income?