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Sec. 44AE

Tax queries 730 views 3 replies

Please tell me that can i file my return of income by assuming my income U/s 44AE while i have 4 truks and a annual turnover of Rs. 79 lakh in Previous Year 2009-2010 and Asst. Year 2010-2011and a sum of Rs. 76000/- deducted as TDS in by transportor.

Replies (3)

No you can not take benefit of section 44AE because your turnover is more than audit limit.

In my view Section 44AA and 44AB will not be applicable when the income is being shown U/s 44AE.

yes you can. the rule under section 44AE is;

if you have the total no. of vehicles less than 10 during the previous year you can cliam your income at

heavy goods vehicle-per vehicle rs.5000

other than heavy goods vehicle-per vehicle rs.4500

the turnover does not matter

you can disclose the higher income

if you want cliam at less income other than rs.5000 or rs.4500 then you have maintain books of accounts as per section 44aa and get it audit under section 44ae


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