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.


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