How to account for taxation in transport Business?
Having 3-4 trucks.
Can opt for Sec. 44AE.. of IT act.
5 Replies
Kapadia Pravin
(17259 Points)
Replied 27 August 2019
You can go for Section 44 AE of Income Tax Act that is presumptive taxation without maintenance of books of account .
Kapadia Pravin
(17259 Points)
Replied 27 August 2019
Ok then in that case File ITR3 as regular business income and fill details of BS and P&L Account
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 August 2019
1. For any person who is engaged in the transport business, there is an option available to show profit under presumptive taxation u/s 44AE.
2. According to sec 44AE, a person who is engaged in the transport business and having not more than 10 goods carriage at any point of time during the previous year.
3. You have an option to either use presumptive taxation u/s 44AE (without maintaining BOA) or show profit under the normal provision by maintaining books of accounts.
4. You can maintain books of accounts and still decide to show profit under u/s 44AE. Sec 44AE is an option available to the assessee.
Please correct me if the above interpretation has an alternative view.
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