As per recent amendment in sec 44AE, presumptive limit for heavy commecial vehicle is increased to rs 1000 per tonne per vehicle per month weighing more than 12 MT
what books to be maintained in practical aspect under sec 44AA if assesse having only one vehicle wants to show lower income than presumptive income
Under sec 44AA the following accounts are to be maintained.
1)Sale of services a/c
2)Expenses related accounts
3)Asset related account
4)Cash account
5)Bank account
6)Capital account
7)Sundry creditors
8)Sundry Debtors
and other relevant books
CAclubindia
