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Presumptive taxation

Shivshankar (a c.a student) (229 Points)

15 March 2010

CAN ANY ONE HELP ME IN FOLLOWING QUERY

I AM THE OWNER OF 4 HEAVY GOODS VEHICLE AND 2 LIGHT MOTOR VEHICLE BUT THE REGISTRATION OF THE VEHICLES ARE DONE IN MY YOUNGER BROTHER'S NAME ALSO.NOW I WANT TO FILE MY INCOME TAX RETURN UNDER SECTION 44 AE UNDER PRESUMPTIVE BASIS SO HOW WILL BE THE CALCULATION DONE.

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CA Priya (CS Final) (1049 Points)
Replied 16 March 2010

An assessee, who is in possession of a goods carriage, whether taken on hire-purchase or on instalments and for which the whole or part of the amount payable is still due, shall be deemed to be the owner of such goods carriage. So even if the registration is in the name of the brother u have to take those into consideration....