Matter of return u/s 44ae

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Guest

Guest (Querist)

14 May 2012 gud evening sir,
suppose a man have 3 heavey vechile.but he used his friend transport co. bilty.( docate).he have saving account and total income approx 7 lakh.. than sir can u tell me only this will he fill return u/s 44ae and his total tax will be

5000*3=15000
15000*12=180000
than no tax liablity for the fy. 2011-12
plz reply

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 May 2012 The calculation is right. You may file return accordingly.
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Guest

Guest (Querist)

14 May 2012 But sir no role of his turnover 7 lakh.In his case bcoz he rec.Cheque in his saving a \c

Guest

Guest (Querist)

14 May 2012 But sir no role of his turnover 7 lakh.In his case bcoz he rec.Cheque in his saving a \c

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 May 2012 The amount must have been withdrawn from the Bank Account for incurring expenditure. See the balance at the end of FY and prepare statement of affairs to have the correct idea of income. Do not forget to provide depreciation at a higher applicable rate.
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If you visualise the statement of affairs
(Balance Sheet) , you will come to know the difference between the Liabilities and Assets. The excess asset side will represent profits, and to my view , it will not be there.
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Conclude by deciding to file Return U/s 44AE only. 7.00 lacs is not a big amount looking to the cost of vehicles , maintenance & running cost and salaries to the staff.
.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 May 2012 For Section 44AE turnover is NOT relevant. The only criteria is that the assessee should not own more than 10 trucks at any time during the previous year.

Guest

Guest (Querist)

15 May 2012 thank you sir can u tell me the process of registration transporation service

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 May 2012 Where do you wnat to register? I mean under which Act?

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Guest

Guest (Querist)

15 May 2012 i want to open my transport co. name chawla transport co. so what process needed

Guest

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