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U/s 44ae can we show higher amount

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 January 2016 sir
my client having bus, it is engaged to APSRTC, he got 16,20,000 receipt for 2014-15

now we want file it return U/s 44AE

as per Income tax 7500 PM for heavy vehicle as net income so yearly income is 90000

but we want show more income because if we want to go to bank for loan in future this is not good for loans so we want show at least 3,00,000 as net income

in software it is allowing to enter directly in net amount column so i entered there 3,00,000 as net income

is it right

please tell me
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 January 2016 File return u/s 44AD. 44AE is only for trucks. You can show higher income of 3 lacs as net income.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
01 February 2016 Yes, you can declare higher income than prescribed u/s 44AE




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