44ae
This query is : Resolved
23 January 2012
Assessee is having two types of businesses.
One is that of retail trade and the other of plying vehicles.
Is he eligible to declare income from plying vehicles u/s 44AE even though his total gross profit from trading exceeds Rs.40 lacs ?
One is that of retail trade and the other of plying vehicles.
Is he eligible to declare income from plying vehicles u/s 44AE even though his total gross profit from trading exceeds Rs.40 lacs ?
CA PARAS BAFNA
(Expert)
23 January 2012
Yes . He can show plying Business Income under section 44AE. The prescribed condition is of about no of vehicles to be 10 or less.
Turnover of 44AE business or other businesses is not a matter at all.
Turnover of 44AE business or other businesses is not a matter at all.
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