Sec 44AE
This query is : Resolved
29 March 2011
If an individual have 10 trucks and having turnover over 40lacs in Section 44AE, then should he liable for audit?
01 April 2011
No as his turnover doesnt exceed 60 lacs. Nd he is engaged in hiring or leasin or plyng of heavvy goods carriage vehicles not exceeding 10 during previous year.
So he is nt liable for tax audit. Nd he can claim benifit u/s 44 AE. Presumptive taxation of rs.5k for heavy vehcl. Nd rs.4.5k for light guds vehcl.
So he is nt liable for tax audit. Nd he can claim benifit u/s 44 AE. Presumptive taxation of rs.5k for heavy vehcl. Nd rs.4.5k for light guds vehcl.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- TDS Return Q1 FY 2026-27
- GST rate and HSN code for sale of racing horses
- CREDIT NOTES WITHOUT GST
- Eway bill generation from place other than registeted
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Condonation . E-Verification of last year return .
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
