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Section 44ae

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2012 A person owns 7 heavy trucks. His turnover for the year exceeds Rs. 60 lakhs. Is he eligible for benefit u/s 44AE?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
21 May 2012 Turnover is not relevant for Section 44AE. The only condition to be fulfilled is that the assessee should not own more than 10 trucks at any time during the year.

So in the above case, the assessee can avail benefit of Section 44AE even if his turnover exceeds Rs. 60 lakhs.
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