Sri Snigdha (Articles Assisstant) (499 Points)
28 May 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 28 May 2018
As per section 44 AE of the income tax act 1961 , Taxpayer who owns less than 10 goods carrage and engaged in the busniess of plying , hiring or leasing his income will be deemed as follows
Heavy vechicle (more than 12 MT) RS 1000/- per ton per vechile per month .This applicable form 1/4/2018 . ( Less than 12MT 7500/- per vechile per month )
section 44Ad is not applicable for this business
Sri Snigdha
(Articles Assisstant)
(499 Points)
Replied 28 May 2018
so if I declare the income under sec 44AE, the income would be 20,000*12=2,40,000 as the total income... my question was in the form 26AS, there was an income Rs.8 lacs as per sec 194C... doesn't that crash with the income what i have declared?
Kalpesh
(Chartered Accountant)
(349 Points)
Replied 28 May 2018
No. What 26AS is showing is your gross receipt and not profit.
U/s 44AE you are declaring profit. And hence the amount of Rs 2,40,000 will be your profit and Rs. 800000 will be your gross receipt.
Manish S Thingalaya
(student)
(430 Points)
Replied 28 May 2018
CAclubindia
