Bhavik Shah (CA,CS) (41 Points)
19 September 2013My Client having 8 Trucks and receipt is below 1 crore,whether he is liable for audit under section 44AD, If he wish to declare profit below the presumptive income u/s 44AE,also what are the books to be maintained by the transport operators for clause 9 of Tax audit report.
Please Advice..
CA Ramsai N
(Fresher)
(594 Points)
Replied 19 September 2013
Since he did not own more than 10 Trucks during the P.y, he can go for Sec 44AE (incase of plying,hiring or leasing) or Sec 44AD (other operations) -
Incase his real profits are less than presumptive tax - then he can go for tax audit U/S 44AB. In this case he has to maintain the books as required U/s 44AA (Click here for more details)
Regards,
Ramsai
CAclubindia
