Harsimran Singh (Student) (204 Points)
17 April 2013I want to show Income under section 44AE above 120000/-. Can I do that without writing books of accounts. Please reply as soon as possible
Regards.
Vinay Garg
(Service Tax Expert)
(780 Points)
Replied 17 April 2013
Yes you can show your income under section 44AE of Income Tax Act only if
You shoud not have more than 10 goods carriages at any time during the previous year including those taken on hire purchase or on instalments.
Harsimran Singh
(Student)
(204 Points)
Replied 18 April 2013
Thanks for the reply.
I want to clarify for future that if I can show Income more that 120000/- from a/two or more business(es) u/s 44AD ?
Vinay Garg
(Service Tax Expert)
(780 Points)
Replied 25 April 2013
44AE says "It applies to any person engaged...."
So,
it depends... Whether you have partnership firms or sole proprietorship?
If you are Sole prop. of both the businesses then it will apply after consolidating the said buisnesses.
Otherwise it will be applicable seperately.
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