Computation of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2012
Computation of an assessee
Net receipt from freight Rs. 241223/- (but as per Section 44 AE Rs. 3150/- @12 months Rs.37800/-)
Commission income Rs. 168500/-
bank interest Rs. 2079/-
Deduction u/c VI A Rs. 90000/-
So at last his Net Taxable income is Rs. 118379/-
Whether it is a right or wrong, if it is wrong so what is the right calculation for sec. 44 AE
Net receipt from freight Rs. 241223/- (but as per Section 44 AE Rs. 3150/- @12 months Rs.37800/-)
Commission income Rs. 168500/-
bank interest Rs. 2079/-
Deduction u/c VI A Rs. 90000/-
So at last his Net Taxable income is Rs. 118379/-
Whether it is a right or wrong, if it is wrong so what is the right calculation for sec. 44 AE
24 May 2012
You have not mentioned the number of trucks owned by the assessee.
Assuming he owns only 1 truck, the calculation is correct.
Assuming he owns only 1 truck, the calculation is correct.
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