A is the owner of 5 vehicles and he taken 3 vehicles on rent basis from B. C is one customer of A. C approached A and asked him to shift his goods from Kolkatta to Bangalore. By using of these 8 Vehicles A shifted goods of C and in return A received 100000.
Like that A shifted goods of D, E, F also.
Total Revenue earned from all these customer put together amounted 1500000.
A paid Hire charges to B amounted 500000
Other expenses(Not included Depreciation on own Vehicles) amounted to 100000
Depreciation on own vehicles amounted to 25000
Now my Question is
Whether the provisions of 44AE can be applicable while computing income of A ???????
If 44AE applicable, then what is the taxable income of A?????
If 44AE not applicable then How to compute PGBP income of A??????
CAclubindia
