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Sec 44 ae

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Querist : Anonymous

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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,
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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