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Section 44ae

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 February 2013 Sir one of my clients- Tranporter ( Partnership Firm)owns one truck & wants to file IT return. He has gross receipts of rs.24 lacs.Please advise in this regard on whatt basis to reflect Total income . TDS deducted Rs. 5400/-.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
05 February 2013 In fact -in transport business -own trucks as well as other owner's trucks are run on hire.
.
Assuming that Rs. 24 lacs is a mix of all receipts.
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Separate out the Gross receipts in respect of own truck of firm - Let it be Rs 13.00 Lac. For Own Truck Income U/s 44AE @5000 p.m . can be shown
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Balance 11.00 Lac -Apply Section 44Ad - Show income @ 8%
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On the combined Income of 44AE and 44AD- claim remuneration and interest to partners.
.
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