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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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