Section 44ae
This query is : Resolved
21 September 2013
xyz ltd. engaged in the business of renting of goods carriage
rent is on monthly basis
all the repair& maint., driver salary, diesel expense are borne by the person who use goods carriage..
now please tell whether xyz ltd. opts for presumptive taxation u/s 44AE considering the facts that all the rent received by co. is pure income??
rent is on monthly basis
all the repair& maint., driver salary, diesel expense are borne by the person who use goods carriage..
now please tell whether xyz ltd. opts for presumptive taxation u/s 44AE considering the facts that all the rent received by co. is pure income??
21 September 2013
Since its is a limited company, it is not a eligible assessee under 44AD and hence cannot claim presumptive income under 44AD.
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21 September 2013
In case of 44AE, your income shall be deemed to equivalent to Rs 5000 per month for heavy good vehicle and Rs 4500 per month for vehicle other than heavy good vehicle. This shall be only if the assessee has 10 or less than 10 such vehicles.
However, if your income is less than this, you may maintain books of accounts as mentioned in 44AA and get the tax audit done under 44AB.
However, if your income is less than this, you may maintain books of accounts as mentioned in 44AA and get the tax audit done under 44AB.
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21 September 2013
Kunal. what is the monthly rental income the company is making? how many vehicles are there?
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21 September 2013
there are less than 10 vehicles..
and monthly rental is Rs 3 lacs
and monthly rental is Rs 3 lacs
21 September 2013
is renting of trucks on a monthly basis covered under the meaning of leasing ??
21 September 2013
i believe it should. Provided you satisfy all other requirements of the section 44AE, you should be able to claim benefits mentioned therein.
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