SEC. 44 AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2010 ONE OF MY ASSESSEE HAVING 9 TRUCKS , AND FREIGHT RECEIPT DURING THE PREVIOUS YEAR IS Rs. 2 CRORE. LIABILITY OS SEC. 44 AB APPLICABLE OR NOT. HE DECLARE PROFIT ABOUT Rs. 7 LACS, HE FILED HIS RETURN UNDER THE PROVISIONS OF SEC. 44 AE OR NOT.

09 August 2010 IN YOUR CASE IT IS BETTER TO APPLY SECTION 44AE,
BY APPLYING THIS SECTION YOUR NET INCOME WILL BE
9 X 3500 X 12 = 378000
(CONSIDERING THE ABOVE VEHICLES ARE HEAVY VEHICLES)

09 August 2010 Nothing is mentioned of the receipts as per section 44AE and hence the same can be applied in the given case.

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2010 IF I APPLIED SEC. 44 AE, THE PENALTY FOR NON AUDIT IS APPLICABLE OR NOT

09 August 2010 SECTION 44AB WILL NOT BE APPLICABLE IN YOUR CASE.

09 August 2010 Provisions of section 44AB & penalty will not be applicable in case where profit has been offered as per Section 44AE.


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