Income from u/s 44AE

This query is : Resolved

Share Report Follow Query Ask a Query

Manish Murarka

Manish Murarka (Querist)
Follow

12 April 2009 Give me details about Transport Business u/s 44 AE

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

12 April 2009 It is section for presumtive taxation for lorry owners attracting tax at the rate of 3500/- per truck for a month or part thereof whether the truck has been put to use or not in case of a heavy vehicle i.e >12000 kgs(weight to be considered of a unladden vehicle) and in any other case its 3150/- subject to the condition that assessee does not own more than 10 trucks at any point during the year.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

12 April 2009 i support the expert

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

12 April 2009 Section 44AE is for persons carrying on business of plying,hiring,and leasing goods carriages and not owning more than 10 vehicles. Income shall be calculated at the rates mentioned above, by Mr. Nitin, from the date of possession of the vehicle.

Manish Murarka

Manish Murarka (Querist)
Follow

13 April 2009 Tank You Sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now