Limit of transport business u/s 44ab
This query is : Resolved
11 September 2012
What will be the limit for transport receipts u/s 44AB for the purpose of audit (Rs. 15 lacs or 60 lacs) for F.Y 2011-12 ?
11 September 2012
Section 44AE shall apply. pls read it carefully.
11 September 2012
In case of a transporter, you have to first see whether he owns more than 10 trucks or not.
(a) If he does not own more than 10 trucks then he falls within Section 44AE irrespective of the turnover.
(b) If he owns more than 10 trucks, he is NOT covered u/s 44AE and his income will be computed as per the normal provisions.
If he falls in (b) above, the turnover limit for tax audit u/s 44AB is Rs. 60 lakhs since he is NOT a professional.
(a) If he does not own more than 10 trucks then he falls within Section 44AE irrespective of the turnover.
(b) If he owns more than 10 trucks, he is NOT covered u/s 44AE and his income will be computed as per the normal provisions.
If he falls in (b) above, the turnover limit for tax audit u/s 44AB is Rs. 60 lakhs since he is NOT a professional.
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