23 July 2016
A transporter getting trucks on hire basis (per day or per month) & doing misc. transporting work. Can he opt for presumptive taxation u/s 44AE? What if his total turnover (gross receipt from such misc. work) during the year is more than Rs 1 Crores? Any answer plz?
23 July 2016
section 44AB and 44 AD doesn't apply to person who is opting for presumptive taxation u/s 44AE. Hence the limit of Rs 1 crore is not applicable. Income in such cases will be assumed Rs 7500 per month per carriage. Also assessee must not own more than 10 goods carriages. In your case assessed is not owner of the trucks. hence in my view he cannot opt for presumptive taxation under section 44AE
23 July 2016
Thank you very much. Then in this case (as turnover exceeds Rs 1 Crore) under which head income will be assessed & Tax Audit will be applicable or not ?
CAclubindia
