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Section 44ae and return 4s

hemant garg (nothing) (136 Points)

09 September 2016

i m doing transport bussiness and i have 2 trucks . during the course of bussiness i used my truck as well as hire it frm market and transport goods . and i m not maintain my books of accounts i want to know that section 44ae is applicable on me or not . if applicable than what abt my those income which i earn on from hire truck. is this possible on two truck section 44ae is applicble and on hire truck receipt section 44ad is applicble please sugest me

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 09 September 2016

"is this possible on two truck section 44ae is applicble and on hire truck receipt section 44ad is applicble? "

Correct, make both business separate, I mean both bank account different.

hemant garg (nothing) (136 Points)
Replied 09 September 2016

i ask for same firm

hemant garg (nothing) (136 Points)
Replied 09 September 2016

is theese possible i claim 44ae for two trucks and rest of my hire truck 44ad is applicable

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 10 September 2016

No. Better apply section 44AE, with ownership of two trucks only, but declare income as per the calculation of all the trucks, including hired one, for the period of hire.

hemant garg (nothing) (136 Points)
Replied 10 September 2016

dear Sir , section 44ae apply only if we owned 10 or less.
now u say me if I hire 15 truck in one month then my total income will be 7500*12*15 = 1350000 and against these income I m not claim any expenses. and in actual I m not earned that income.
so again I want to ask that 10 or less truck is only owned or owned plus hire

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 10 September 2016

Actually speaking, you are supossed to maintain accounts and may be liable to audit as per section 44AB. Section 44AE is applicable only for owned vehicles upto 10 numbers.

The suggested one is the best solution applicable within the meaning of the different sections.

If you can prepare accounts, may be near about, better go with ITR 4.