SECTION 40AE
This query is : Resolved
04 October 2010
IN P.G.B.P SECTION 40AE LEASING, HIRING OF TRUCKS, WHAT ARE THE TAXABLE LIMITS OF HEAVY AND LIGHT/MEDIUM GOODS? THANKS IN ADVANCE
05 October 2010
I think you are talking about section 44AE.
Under Section 44AE the income per vehicle is as follows:
Upto A.Y. 2010-11
Heavy Good Vehicles Rs. 3500 per month
Light Good Vehicles Rs. 3150 per month
Upto A.Y. 2011-12
Heavy Good Vehicles Rs. 5000 per month
Light Good Vehicles Rs. 4500 per month
Under Section 44AE the income per vehicle is as follows:
Upto A.Y. 2010-11
Heavy Good Vehicles Rs. 3500 per month
Light Good Vehicles Rs. 3150 per month
Upto A.Y. 2011-12
Heavy Good Vehicles Rs. 5000 per month
Light Good Vehicles Rs. 4500 per month
06 October 2010
40AE is presumptive scheme of taxation. The benefit of the section is available only is ownership of goods carrier does not exceed 10.
Income is presumed at rates given by Ankit
Income is presumed at rates given by Ankit
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