Sec 44ae

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Querist : Anonymous (Querist)

29 November 2011 HOw to show travelling income in the Income Tax Return??? AS General or under some specific section?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 November 2011 U/s 44AE, only income from leasing, hiring and plying of goods carriages can be shown by the owner of such carriages.
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In any other case where gross receipts or turnover is less than 60.00 lacs , income @ 8% of Gross Receipt or turnover ....can be shown U/s 44AD on presumptive basis,

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