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Section 44ae

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(Querist)
04 July 2016 The transporter is owner of 5 trucks.But he had income generated from 2 trucks in last year.So whether for 44AE -5 TRUCKS TO BE CONSIDERED OR 2 TRUCKS TO BE CONSIDERED FOR PRESUMPTIVE INCOME?
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
11 July 2016 Income will be on the basis of 5 trucks because income is to be computed on the basis of trucks owned.

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