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44 af

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(Querist)
07 March 2012 DEAR SIR,

MY CLIENT IS A TRANSPORT PROPERITERSHIP.HAVING 5 HEAVY TRUKS.TOTAL INCOME IS ARROUND 5 LACS AFTER DEPRECIATION.

SIR I WANT TO KNOW CAN WE FILE OUR IT RETURN UNDER 44AF?

ALSO I WANT TO KNOW DEPRECIATION AMOUNT
WOULD BE ADDED IN THAT TOTAL INCOME?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
07 March 2012 Yes you can file return u/s 44AE (not 44AF).

The income shall be 5,000*5trucks*number of months for which each truck is owned.

Depreciation is assumed to be allowed in such a case.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 March 2012 The amount is EXACT Rs. 5,000/- per truck per month. You cannot show income less than Rs. 5,000/-.

However, you can show a higher amount if you want.
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