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Section 44 ae

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(Querist)
16 November 2017 Section 44 AE was Applicable in A Y 2010-2011 or not if applicable what is the per vehicle limit and how much maximum vehicle.

thanks in advance
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Amitav

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Amitav (Expert)
17 November 2017 Section 44AE – Business of plying, leasing or hiring trucks (Provision for A.Y. 2010-11 )


Any person engaged in the business of plying, leasing or hiring of trucks if he owns not more than 10 goods carriages at any time during the previous year including those taken on hire purchase or on instalments. This scheme does not apply to those who operate trucks on hire without owning them (Circular 684, dt. 10-6-1994)


For Heavy Goods Vehicle -Estimated Income is Rs. 3,500 for every month (or part of a month) during which the goods carriage is owned by the taxpayer.

For Other than Heavy goods vehicle Estimated Income is Rs. 3,150 for every month (or part of a month) during which the goods carriage is owned by the tax-payer.
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 November 2017 for heavy Rs.3500 per month per vehicle
for LCV Rs.3150 per month per vehicle
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