Matter of u/s 44ae

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Guest

Guest (Querist)

15 June 2012 gud evening sir,
suppose a man have 8 heavey vechile . his firm name chawla transport co.
than sir my calculation will be
5000*=40000
40000*12=480000
sir please told me only that will i show also profit on my builty ( docate no. grn.)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 June 2012 In case GRN are only in respect of the Trucks owned, your above calculation will do. Section 44AE.
.
When
1. the GRNs are issued on commission basis, or
2. where freight charges becomes payable to other truck owners also such incomes are required to be disclosed separately.
.
1. Commission Income has to be disclosed separately for which expenditure incurred can be claimed by preparing a P&L A/c. This case is not covered under presumptive schemes.
.
2. You can compute 8% profit on Gross Receipts arisen from hiring others'vehicles
U/s 44AD.
.

Guest

Guest (Querist)

16 June 2012 yes sir i have to use my goods receipt note only my truck. means sir i will not show no other profit from G.R.N. and sir my above calculation is right

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 June 2012 Yes, Rajiv.

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