Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Presumptive taxation u/s 44ae

1357 views 5 replies

Yuvaraj Rameshkumar

Audit Assistant

70 Points Posted on 06 February 2013

Hello, can any one clear my doubt?

One person is plying the heavy goods vehicle and not maintaining any books, then he will be assessable u/s44AE but upto a maximum of 10 of such vehicles.

If he was plying more than that (without books) then what will be his position?

Thanks in advance

Replies (5)

Kulwant Singh Khalsa

CA STUDENT

105 Points Posted on 07 February 2013

As per knowledge, if he plying more than 10 vehicles then in that case section 44AE wont apply

He need to maintain his books of accounts as per Section 44AA(kindly refer)

Harish

CA Student

568 Points Posted on 07 February 2013

Agree with Mr. Kulwant.

rusum.firoz basha

auditing

25 Points Posted on 07 February 2013

Dear yuvaraj

Section 44AE Applicable To a Person Owning not more than 10 goods carriages at any time

during the previous year.

Ramanuj

Accountant.

834 Points Posted on 07 February 2013

yes agree with you.

Yuvaraj Rameshkumar

Audit Assistant

70 Points Posted on 07 February 2013

will that person be penalised for not maintaining the books as per sec 44AA?

and hence he was not maintaing books, what is the computation procedure of his total income (incase his main business is plying those vehicles of more than 10 as mentioned earlier)