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Monetery limit in the case of sec 44ae

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 September 2014 Dear experts, one of the client owning 10 heavy vehicles, is having a contract receipt of Rs.2 crores, and profit as per books is Rs.950000/- Can he offer this Rs.950000/ under 44AE?

And will its book are subject to Tax Audit u/s 44AB?

Pl clarify,
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 September 2014 no. tax audit wont apply. you will have the option to offer income under 44AE.
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