sec 44 AE
Preety Acharya (85 Points)
13 December 2017
A firm has 7truck. Firm want to opt sec 44AD rather than 44 AE. Is it possible or sec 44 AE is mandatory for truck hiring business?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 13 December 2017
Read: Tutorials...........
Businesses not covered under the presumptive taxation scheme of section 44AD
The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:
Business of plying, hiring or leasing of goods carriages referred to in section 44AE.
A person who is carrying on any agency business.
A person who is earning income in the nature of commission or brokerage
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1)is not eligible for presumptive taxation scheme.
For details refer: incometaxindia.gov.in/tutorials/section 44AD
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