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Discussion > Income Tax > Tax queries >

Section 44AE

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B.com , CA FINAL


[ Scorecard : 352]
Posted On 24 April 2010 at 19:36 Report Abuse

all friends  , as per section 44AD of income tax a person who is engaged in the business of civil construction whose income is on the presumptive basis is 8% of the total gross receipt.And also no further deduction is allowed as per section 28 to 44.However, loss under the head business profession is allowed to set off u/s 72.

So, I want to know , Is the same provision is applicable in determining the income u/s 44AE and 44AF,And also provision relating to it explain in brief.


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ViveK
.


[ Scorecard : 308]
Posted On 25 April 2010 at 02:10

in sec 44AE

business is of plying hiring or leasing goods carriages 

condition--    not more than 10 goods carriages at any time during the year(weather on hire purchase or lease)

calculation of income-- 

heavy vehicle---                              Rs 3500 per vehicle per month(5000 for AS 2011-12)

light vehicle------                             Rs 3150 per vehicle per month(4500 for AS 2011-12)

rest provisions are same as section AD





ViveK
.


[ Scorecard : 308]
Posted On 25 April 2010 at 02:14

sec 44 AF

business-- retail trade

condition---- turnover/gross receipts less than 40 lacs

calculation of income

5% of total turnover/gross receipts(instead of 8% in section AD)




ViveK
.


[ Scorecard : 308]
Posted On 25 April 2010 at 02:21

From AS  year 2011-12

sec 44AD and AF will be omitted and new section 44AD will satisfy the need of both section

NEW sec 44AD is as follow

business--- any except covered by sec 44AE

condition--- turnover/receipts less than 40 lacs

calculation of income 

8% of turnover/gross receipts 




DT Fundas - Tarun rustagi
Author


[ Scorecard : 1105]
Posted On 25 April 2010 at 08:06

dear varun

no deduction is available for computing the income under these premsumptive income taxation whether it is 44AD or 44AF OR 44AE.

the only deduction is available is if the above is partnership firm then we can deduct the aount of remuniration and interest paid to partners subject to proviso of sec40(b)




vikash rathi
Chartered Accountant


[ Scorecard : 782]
Posted On 25 April 2010 at 14:21

Originally posted by : tarun rustagi

dear varun

no deduction is available for computing the income under these premsumptive income taxation whether it is 44AD or 44AF OR 44AE.

the only deduction is available is if the above is partnership firm then we can deduct the aount of remuniration and interest paid to partners subject to proviso of sec40(b)

and deduction u/s 8o is available......rest agree with above......



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