U/S 44AE
amit bajaj (Student CS) (103 Points)
21 November 2017
U/S, 44AE : TAX ON INCOME @ 7500 PER VHICLE. CAN I TAKE MORE THEN 7500.
7 Replies
amit bajaj
(Student CS)
(103 Points)
Replied 21 November 2017
I have two vhicle
7500*12= 90000
7500*12= 90000
Total = 180000
Can i shw it more thn 7500 p. M i want total income more thn 200000
7500*12= 90000
7500*12= 90000
Total = 180000
Can i shw it more thn 7500 p. M i want total income more thn 200000
CA PRADEEP C B
(Prop: Pradeep C & Company Chartered Accountant Palakkad Kerala)
(166 Points)
Replied 21 November 2017
As per sub-section 2 of section 44AE:
claim your profit and gains from the eligible business for a month or part of the month per vehicle
a. 7500 or
b. any amount as actually earned
whichever is higher.
simply, 7500 per vehicle per month is the minimum amount to be declared as deemed profit or gains.
claim your profit and gains from the eligible business for a month or part of the month per vehicle
a. 7500 or
b. any amount as actually earned
whichever is higher.
simply, 7500 per vehicle per month is the minimum amount to be declared as deemed profit or gains.
Sunil Ahmad
(Student)
(1511 Points)
Replied 21 November 2017
RS.7500 p.m per vehicle is the deemed profits.
7500 or actually earned ,whichever is higher.
7500 or actually earned ,whichever is higher.
Sunil Ahmad
(Student)
(1511 Points)
Replied 21 November 2017
If u earn less than 7500 p.m from a vehicle u should treat 7500 as deemed income u should pay tx on 7500 p.m p.veh.
Akhilesh Rajput
(43 Points)
Replied 22 November 2017
but 44ae is applicable who dont have more than 10 trucks or vehicle
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