Section 44 ae
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2012
sir,
my client is having 8 lorries and 1 Bolero van. And his turnover is about RS.65 LAKHS FOR THE ACCOUNTING YEAR 2011-2012. MY CLIENT IS HAVING BELOW 10 VEHICLES, CAN HE FILE HIS IT RETURN UNDER SECTION 44 AE. OR TO BE AUDITED.
PLEASE KINDLY GIVE REPLY
my client is having 8 lorries and 1 Bolero van. And his turnover is about RS.65 LAKHS FOR THE ACCOUNTING YEAR 2011-2012. MY CLIENT IS HAVING BELOW 10 VEHICLES, CAN HE FILE HIS IT RETURN UNDER SECTION 44 AE. OR TO BE AUDITED.
PLEASE KINDLY GIVE REPLY
Pankaj Gupta
(Expert)
22 September 2012
Yes you can very well opt for sec 44AE. Provisions of audit do not apply on you. But 44AE says that income will be higher of 5000 Rs per heavy vehicle or the actual income from such vehicle. In car of van the the deemed income is Rs 4500.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
