Truck (gross weight 25 mt) hired on fix amount of ₹ 1,20,000 yearly and paid to owner.
Now query raising whom can eligible to opte to presumtive income 44AE real owner of truck? Or second party?
Please advise
Regards
Menu
truck hired on fixed amount
Replies (3)
Presumptive Tax under 44 AE of the Income Tax act 1961 is applicable to owner of the truck , having less than 10 truck or goods carriage .
please confirm with others also .
The real owner of the Truck is eligible to opt for PRESUMPTIVE TAXATION SCHEME u/s 44AE of the Income Tax Act 1961 [ Rs. 7,500 per month per truck incase of Small Truck ], provided that he does not own more than 10 trucks during the year.
Warm Regards.
Warm Regards.
what about second party whom hired truck on yearly fixed amount?
Recent Threads
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
- Company strike off with loan waiver accounting iss
- Board resolution for authorization for GST
- Invoice related audit
- Gst input credit related
- Updated ITR as missed the dead line
- Change if place of business l
- Purchase from unregistered dealer garments busines
- TDS DEDUCTED BUT NOT PAID BY EMPLOYER
Related Threads
CAclubindia
