Can a person show income under sec 44ae If he operates Heavy Goods vehicles that is if he is engaged in goods transport businees...........Thanks in Advance........
3 Replies
Syed Farzan
(CA IPCC)
(748 Points)
Replied 19 July 2012
Yes he can show his income under Sec 44AE.
- Sec 44AE applies to a PERSON ( may be individual, huf, firm, company..etc,,) owning 'not more than 10' Goods carriages.
- The income of each good carrieage vehicle being a Heavy good vehicle is estimated at 5000 for every month.
Sohail
(CA)
(142 Points)
Replied 19 July 2012
My query is If a person does his own goods carriage business can he show his income u/s 44ae? I am not talking about Hiring or Lending of vehicles......
Syed Farzan
(CA IPCC)
(748 Points)
Replied 20 July 2012
M not sure but i think owning the vehicles also is covered in this section.
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