presumptive income

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2011 can assessee file ITR on presumptive basis for A.Y.10.11. assessee is engaged in the business of hiring transport vehicles for others where he gets commission on which tds deducted u/s 194c.if yes please quote section

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2011 Presumptive income U/s 44AE could be shown had he owned his own trucks.

However, in case his Gross receipts are not exceeding 10.00 lacs and Total Income is below 1.20 lac he is not required to maintain books of account.

Otherwise, you have to prepare Income & Expenditure A/c (P&L) and Balance Sheet of the assessee by maintaing books of Account.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 thanks for your kind reply

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