Applicability of sec. 44ae
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 August 2012
Dear experts, pl clarify the following , one of the assessee is owner of fleet, having 5 heavy vehicles, the receipts from its operations were Rs.1.5 crores, for the year ending 31.3.2012,
Now Shall he offered the tax u/s 44AE on presumptive basis?
Pl clarify
Now Shall he offered the tax u/s 44AE on presumptive basis?
Pl clarify
30 August 2012
1. Under Section 44AE, turnover is NOT relevant.
2. The only condition to be satisfied is that the assessee should not own more than 10 vehicles at any time during the year.
Since the assessee does not own more than 10 vehicles he can declare his income u/s 44AE.
2. The only condition to be satisfied is that the assessee should not own more than 10 vehicles at any time during the year.
Since the assessee does not own more than 10 vehicles he can declare his income u/s 44AE.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- ETDS return q4 25-26
- Import Order Cancelled.
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
