Sec 44 ae
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2012
DEAR EXPERT
I HAVE 9 TAXI CAR ( INDO, SANTRO & SEIFT ETC )USING FOR A BUSINESS OF HIRING. WHEATHER I CAME UNDER PROVISION OF SEC 44 AE OF INCOME TAX ACT,
I HAVE 9 TAXI CAR ( INDO, SANTRO & SEIFT ETC )USING FOR A BUSINESS OF HIRING. WHEATHER I CAME UNDER PROVISION OF SEC 44 AE OF INCOME TAX ACT,
11 January 2012
Section 44AE is applicable to business of plying, hiring or leasing GOODS CARRIAGES.
Taxis are not goods carriages as defined in Section 2 of the Motor Vehicles Act.
Therefore, you cannot avail the beneift of Section 44AE.
However, you can avail the benefit of Section 44AD if you satisfy the following conditions:
1. The gross turnover does not exceed Rs. 60 lakhs.
2. Minimum 8% of gross receipts to be declared as income.
Taxis are not goods carriages as defined in Section 2 of the Motor Vehicles Act.
Therefore, you cannot avail the beneift of Section 44AE.
However, you can avail the benefit of Section 44AD if you satisfy the following conditions:
1. The gross turnover does not exceed Rs. 60 lakhs.
2. Minimum 8% of gross receipts to be declared as income.
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