Section 44ae

This query is : Resolved

Pradip Gupta (Querist)
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03 March 2014 Hello

I Wants to know that
if i am owning 5 LMV(taxi) and use it for movement of person /school children

can it be covered under 44AE for presumptive income sub to condition i am not covered in tax audit

is taxi is covered in defination of vehicle in 44AE

please advise

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 March 2014 Section 44AE covers and applicable for the goods transport vehicles only but not for the human being transport vehicles.

So for your case section 44AE doesn't apply.

OM SAI SRI SAI JAI JAI SAI

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 Section 44AE is applicable only to GOODS CARRIAGES.

Taxi is NOT covered under goods carriages.

So you CANNOT opt for Section 44AE.

However, you can opt for Section 44AD if you fulfill the conditions mentioned therein.