Section 44ad !!
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2013
In case of an assessee, who owns more than 10 goods carriages in the previous year & his gross receipt does not exceed Rs. 1 crore, in such a case whether section 44AD is applicable??
19 December 2013
section 44AD Specificaly say assessee who owns not more than 10 goods carriages at any time during the year.
so if you own more then 10 goods carriages at any time during the year section 44AD Not applicabel
so if you own more then 10 goods carriages at any time during the year section 44AD Not applicabel
20 December 2013
Dheeraj,
where does 44AD talks about not more than 10 vehicles?
It says eligible business means:
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE;
Once you own more than 10 carriage vehicles, you get out of 44AE and therefore can get included in 44AD as long as turnover dont exceed 1 cr.
where does 44AD talks about not more than 10 vehicles?
It says eligible business means:
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE;
Once you own more than 10 carriage vehicles, you get out of 44AE and therefore can get included in 44AD as long as turnover dont exceed 1 cr.
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