SEC 44AE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
IS LIMIT OF 40 LAKHS for tax audit is APPLICABLE IN CASE OF SEC 44AE ALSO i.e. business of plying, hiring or leasing of truck
???
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CA Sanat Pyne
(Expert)
22 July 2010
NO EITHER YOU CAN OPT FOR 44AE OR 44AB
22 July 2010
No. Criterion is number of vehicles.
CA Sanat Pyne
(Expert)
22 July 2010
Section 44AE provides for a method of estimating income from the business of plying, hiring or leasing trucks owned by a taxpayer owning not more than 10 trucks. But the scheme is optional.
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