44AE

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Non-inclusion of audits under sections 44AD, 44AE and 44AF in the "specified number of tax audit assignments"


Clarification regarding non inclusion of audits conducted under sections 44AD 44AE and 44AF in the specified number of tax audit assignments In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD 44AE and 44AF of the Income tax Act

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Experts Opinions

44AE


What if the turnover of business of Transporter exceeds Rs 1crore in FY 15 16 Can we still adopt 44AE in such case and disclose income of Rs 7500per month per vehicle Is there any requirement of audit in such case

Taxability on sale of capital assets under 44AE


I had 4 trucks in past financial year out of which i sold 2 of them How should i deal this case while filing income tax return under section 44AE as under this section we do not show the details of the assets as far as i know Please help as i want to show the details of the assets sold because a hea

44ae and gst


DEAR EXPERTS ASSESSEE HAVING TWO LORRIES WHICH HE RUNS ON HIRE BASIS WAS FILING IT RETURNS U S 44 AE TILL NOW HIS EARLY GROSS RECEIPTS EXCEEDS RS 20 LAKHS IS HE LIABLE FOR GST REGISTRARION AND PAY GST PLEASE HELP

44ae and gst


DEAR EXPERTS ASSESSEE HAVING TWO LORRIES WHICH HE RUNS ON HIRE BASIS WAS FILING IT RETURNS U S 44 AE TILL NOW HIS EARLY GROSS RECEIPTS EXCEEDS RS 20 LAKHS IS HE LIABLE FOR GST REGISTRARION AND PAY GST PLEASE HELP

44ae


Dear Experts Assesee is enganged in the retail business subject to tax audit as his turnover is more than 5 crores He has purchased a lorry for lorry transportation business Can the lorry income be filed u s 44AE or books of accounts has to bemaintained Please Reply

Discussion

Section 44ae

Sir I am filing one of my clients return under section 44ae of income tax his turnvover is 1 25 crores having 6 vehicles i have declared income of 8 24 lakhs however when i have uploading the return it shows error as you are liable to tax audit since turnover exceeds 1 crores what is the leagal posi

Presumptive income under 44ae

3 truck are there for business and 3 car is on rent is both are eligible for presumption income under incoem tax act sec 44ae

regarding section 44AE

does goods carriage in 44AE includes car if I m doing car rentals business can I claim 7500pm per car if I have less than 10 cars

Clarificaton regarding section 44ae

I have small business which is not the business lets call it business A of plying hiring or leasing of goods carriage For this business I need to carry goods sometime for which Im planning to purchase a goods carrier vehicle For my small business Im opting for section 44AD My questions are 1 If I us

Can sections 44ad and 44ae both be used by one person/filing

If I have a samll business for which the turnover is less than 2cr and I also have some commericial goods vehicles how can I use the sections 44AD and 44AE How are the limits calculated in this case For example to come under 44AD one needs to have turnover less then 2cr and to come under 44AE one ne

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Section 44AE of the income tax act


SECTION 44AE OF THE INCOME TAX ACT 1961 INCOME IN CASE OF ASSEESSEE IS ENGAGED IN THE BUSINESS OF PLYING HIRINGOR LEASING OF GOODS CARRIAGES Applicability This section applies to all types of assesses whether resident or non resident who are engaged in the business of plying Hiring or leasing of goo


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Updated on : 8/20/2017 2:08:12 PM


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