Section 44AE

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 I have my own Small Van & Tempo. My average income of both vehicle is more than 4500 per month?

What should I Do ? I have to file return in ITR-4S or ITR-4.

U/s 44AE & ITR-4s
1) I have to maintain my books of account ?
2) Deduction of Vehicle Loan Interest Expenses & Depreciation expenses allow against profit ?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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21 July 2011 Once you prefer to file your return u/s 44AE then you have to file ITR 4 and you may earn more then the income as specified u/s 44AE but the return per vehicle as stated in 44AE is to be filed and no other expenses to be allowed. In case you show more income then you can claim all expenses but in that case the income per vehicle should not go below the income fixed per vehicle as per the provisions of section 44AE.

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 Thanks Sir,

Means,
If i would not like to maintain books of accounts than i can declare my minimum income per vehicle in Form-4S.

And if I have income more than define critarea by IT Dept, than I have to maintain books of account with Income & related expenses including Interest against Vehicle purchase, Depreciation etc.
and file Form-4.

Am I correct ? Pl. advice

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