28 July 2013
if a transporter is not owner of the vehicle but running transportation business by hiring of vehicles. in this case- 1. Can he take presumptive benefit under section 44AE? 2. If he cannot take the benefit of section 44AE then what section will be applicable on it or which ITR form will be filled?
28 July 2013
1) 44AE N.A. to you. Reason Any person engaged in the business of plying, leasing or hiring of trucks if he owns not more than 10 goods carriages at any time during the previous year including those taken on hire purchase or on instalments. This scheme does not apply to those who operate trucks on hire without owning them (Circular 684, dt. 10-6-1994) 2) refer sec 44ad, applicable if condition satisfy 3) for sec 44ad, itr 4s is applicable Regards
CAclubindia
