Applicability of sec 44AE
This query is : Resolved
14 September 2007
If an assessee is involved in goods transport business and also travelling business( gross receipts not exceeding 5lacs in last 3 years).Is he liable to maintain books of a/c u/s 44AB or can file return u/s 44AE??
15 September 2007
Hello Nishrin,
Check the nature of Transport business the assesse has. Section 44AE is applicable for the following conditions
Condition 1 The taxpayer may be an individual, HUF, AOP, BOI, firm,
company, co-operative society or any other person. He or it may
be a resident or a non-resident.
Condition 2 Taxpayer is engaged in the business of plying, hiring or leasing
goods carriages.
Condition 3 The taxpayer owns not more than 10 goods carriages at any time
during the previous year.
Check the nature of Transport business the assesse has. Section 44AE is applicable for the following conditions
Condition 1 The taxpayer may be an individual, HUF, AOP, BOI, firm,
company, co-operative society or any other person. He or it may
be a resident or a non-resident.
Condition 2 Taxpayer is engaged in the business of plying, hiring or leasing
goods carriages.
Condition 3 The taxpayer owns not more than 10 goods carriages at any time
during the previous year.
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