Income from u/s 44AE
This query is : Resolved
Manish Murarka
(Querist)
12 April 2009
Give me details about Transport Business u/s 44 AE
CA Nitin Wadhwani
(Expert)
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.
12 April 2009
i support the expert
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
(Querist)
13 April 2009
Tank You Sir
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