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Presumptive tax basis income to be shown u/s 44ad with 44ae

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Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2014 my client has owing 4 heavy goods vehicle and he given hire to Limited Companies for transportation of companies Minerals and Ores. for he get according to work order monthly payment. For transporting of goods vehicles he get exemption of TDS U/s 194C and declaring total income U/s 44AD as contract receipts declaring @8%.
Now question is he is declaring income U/s 44AD as contract receipts, is it also declaring his income u/s 44AE as he owns 4 heavy goods vehicles.
Query is he first declaring income u/s 44AD and side by side is it compulsory to declare income u/s 44AE.

please clear my query.

Amol S Joglekar

Amol S Joglekar (Expert)

19 November 2014 He has to declare INCOME once.
It seems that inadvertantly your client has shown it under 44AD. The correct section would have been 44AE.

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