Regarding Income Tax Return u/s44AE

This query is : Resolved 

Quick Summary
This discussion addresses whether an individual with 6 vehicles and gross receipts exceeding £1 crore can file their income tax return under Section 44AE of the Income Tax Act. The consensus is that filing under Section 44AE is permissible and will exempt the individual from a tax audit, provided income is declared accordingly.

08 July 2024 Person 'A' has 6 vehicles & gross receipts is more than 1 crore. Can we file IT return u/s 44AE or do tax-audit?

08 July 2024 No need for tax audit, if you file ITR declaring income u/s. 44AE IT act.

26 August 2024 Good luck.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details