Income-tax Act, 1961
Section - 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages.44AE. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an assessee, who owns not more than ten goods carriages at any time during the previous year and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of such business chargeable to tax under the head "Profits and gains of business or profession" shall be deemed to be the aggregate of the profits and gains, from all the goods carriages owned by him in the previous year, computed in accordance with the provisions of sub-section (2).(2) For the purposes of sub-section (1), the profits and gains from each goods carriage,-
| (i) | - | being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher; |
| (ii) | - | other than heavy goods vehicle, shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned .... To read the full section download the app from Google Play store
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