How to compute of income from carriage of goods?
This query is : Resolved
19 March 2011
How to compute of income in the case of a person engaged in the business of carriage of goods by Express Trains (Registered Lease Holder in Railway) . Can we calculate income @ 8% on assumed basis?
20 March 2011
Not upto Asst year 2010-11 as tax on presumptive basis is not applicable on carriage of goods by railway. But from asst yr 2011-12 in view of new section 44AD, you will be allowed subject to conditions mentioned therein.
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