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.
3 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 01 February 2011
No you can not take benefit of section 44AE because your turnover is more than audit limit.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 02 February 2011
In my view Section 44AA and 44AB will not be applicable when the income is being shown U/s 44AE.
ashoka r d
(senior audit assistant)
(82 Points)
Replied 02 February 2011
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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