Sec 44AE of IT Act
This query is : Resolved
10 July 2009
Please clear my doubt.
A person is the owner of 2 trucks. He earned Rs. 5 Lakhs during the year 2008-09 from plying these 2 trucks. Can he file return by showing Rs. 3500/- per month per truck as his total income? Have he require to be audit u/s 44AB?
He is not maintaning any books.
Thanks in advance.
A person is the owner of 2 trucks. He earned Rs. 5 Lakhs during the year 2008-09 from plying these 2 trucks. Can he file return by showing Rs. 3500/- per month per truck as his total income? Have he require to be audit u/s 44AB?
He is not maintaning any books.
Thanks in advance.
10 July 2009
Yes, the assessee if not maintaining books can claim the income on presumptive basis @ 3500/- per truck per month.
He is not required to get audit done.
He is not required to get audit done.
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