Income from good carriage vehicle do not go with 44AE
This query is : Resolved
03 September 2021
sir,
one of client having 3 heavy carriage vehicle gross weight 25 tons each. Last year opted 44AE for said vehicle. But now he do not wish to go with 44AE due to heavy tax liability.
can we file ITR 3 without audit of account (no documents of expenses) ?
please help to resolve the issue IT BECOMES THE PROBLEM OF ALL CARRIAGE VECHICLE OWNER
regards
vikas
one of client having 3 heavy carriage vehicle gross weight 25 tons each. Last year opted 44AE for said vehicle. But now he do not wish to go with 44AE due to heavy tax liability.
can we file ITR 3 without audit of account (no documents of expenses) ?
please help to resolve the issue IT BECOMES THE PROBLEM OF ALL CARRIAGE VECHICLE OWNER
regards
vikas
03 September 2021
You can file ITR 3 with books of accounts, but tax audit will be mandatory.
03 September 2021
SIR
for audit required any threshold limit ?
for audit required any threshold limit ?
03 September 2021
For carriage owner's there is no threshold limit for tax audit; just declaration of profit less than the deemed profit as per sec. 44AE is the only cause.
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