Presumptive income u/s 44ae
This query is : Resolved
29 June 2012
Sir, as a partnership firm, our business is plying goods carriage vehicles on hire and we own 4 heavy vehicles and apart from that, we also obtain vehicles on hire and ply them on hire.. We do not maintain separate books of account for our own vehicles and plied vehicles.
Suggest, how can we claim benefit u/s 44AE??
Also, if we start maintaining separate books of account for the two i.e. our own vehicles and hired vehicles. Can we claim benefit u/s 44AE for own vehicles and benefit u/s 44AD for leased/hired vehicles???
Please Elaborate...........
Suggest, how can we claim benefit u/s 44AE??
Also, if we start maintaining separate books of account for the two i.e. our own vehicles and hired vehicles. Can we claim benefit u/s 44AE for own vehicles and benefit u/s 44AD for leased/hired vehicles???
Please Elaborate...........
30 June 2012
Yes sir, You can do so and have to do so.
.
.
03 July 2012
Could you please elobrate?
03 July 2012
You may keep separate Consignment Note Books for owned Vehicles as well as Vehicles taken on hire.
.
Total the Gross Receipts from the Consignment Register ( Hired Vehicles).
Take Profit @ 8% on Gross Receipts U/s 44AE.
..
You need not to compute any thing for owned vehicles on the basis of CN.
The basis for computation of income will be the month or part of the month during the vehicle has been owned during the Financial year. @5000/- per month or part of the month, you have to compute income U/s 44AE.
.
.
Total the Gross Receipts from the Consignment Register ( Hired Vehicles).
Take Profit @ 8% on Gross Receipts U/s 44AE.
..
You need not to compute any thing for owned vehicles on the basis of CN.
The basis for computation of income will be the month or part of the month during the vehicle has been owned during the Financial year. @5000/- per month or part of the month, you have to compute income U/s 44AE.
.
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