deduction under 44AD
This query is : Resolved
14 July 2011
what are the diduction under 44AE which type of vehicale are exempt and the exemption limit
14 July 2011
44AD is not for Vehicles.
14 July 2011
1. 44AE is optional.
2. Applies to whom owns not more than 10 "goods carriages"
3. should engage in the business of plying,hiring or leasing of such goods carriages.
4. Deemed profit is to be computed as under:-
a)for each heavy goods vehicle - Rs.5,000/- per month or part of a month,
b) for each such vehicle other than heavy goods vehicle -- Rs.4,500/- per month or part of a month.
5. If the income is computed as above, no need to maintain books of accounts.
6. If income is computed as above, no deduction will be allowed in the case of individual assessee's. If assessee is a partnership firm, interest on capital and remuneration will be allowed.
2. Applies to whom owns not more than 10 "goods carriages"
3. should engage in the business of plying,hiring or leasing of such goods carriages.
4. Deemed profit is to be computed as under:-
a)for each heavy goods vehicle - Rs.5,000/- per month or part of a month,
b) for each such vehicle other than heavy goods vehicle -- Rs.4,500/- per month or part of a month.
5. If the income is computed as above, no need to maintain books of accounts.
6. If income is computed as above, no deduction will be allowed in the case of individual assessee's. If assessee is a partnership firm, interest on capital and remuneration will be allowed.
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