Section 44ae and return 4s
hemant garg (nothing) (136 Points)
09 September 2016hemant garg (nothing) (136 Points)
09 September 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 09 September 2016
"is this possible on two truck section 44ae is applicble and on hire truck receipt section 44ad is applicble? "
Correct, make both business separate, I mean both bank account different.
hemant garg
(nothing)
(136 Points)
Replied 09 September 2016
is theese possible i claim 44ae for two trucks and rest of my hire truck 44ad is applicable
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 10 September 2016
No. Better apply section 44AE, with ownership of two trucks only, but declare income as per the calculation of all the trucks, including hired one, for the period of hire.
hemant garg
(nothing)
(136 Points)
Replied 10 September 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 10 September 2016
Actually speaking, you are supossed to maintain accounts and may be liable to audit as per section 44AB. Section 44AE is applicable only for owned vehicles upto 10 numbers.
The suggested one is the best solution applicable within the meaning of the different sections.
If you can prepare accounts, may be near about, better go with ITR 4.