Section 44ae

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Guest

Guest (Querist)

30 July 2011 if assessee is engaged in business of transport whose gross receipt exceeds rs 60 lakhs but the trucks are less than 10.
than section 44AB will attract or he can opt for section 44AE?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 July 2011 Section 44AE can be opted because turn over criteria is absent in that section.

Guest

Guest (Querist)

31 July 2011 if section 44 AE is opted than the section 44AB is violated becoz the turnover is more than 60 lakhs

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 July 2011 Sub Section 5 of Section 44AE -

The provisions of Section 44AA and 44AB shall not apply for Section 44AE(1) business.
So question of violation does not arise.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 July 2011 Consider the number of vehicles. Ignore the annual turnover if u opt 44AE.

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