Section 44ae for plying, hiring goods carriage service
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2016
if a sole proprietor running a transport service with gross receipt more than 9 lakhs with only 2 vehicles. can he file ITR 4S or he has to file ITR 4 if he has not maintained his accounts?
i have read an article about the provisions of Section 44AE, and it says turnover no limit, you can file under this section if your deemed income is equal or more than the statutory limit.
kindly guide
i have read an article about the provisions of Section 44AE, and it says turnover no limit, you can file under this section if your deemed income is equal or more than the statutory limit.
kindly guide
01 July 2016
The provisions of section 44AE can be adopted by an assessee who is engaged in the business of plying, hiring or leasing of goods carriages and does not own more than ten goods vehicles at any time during the previous year. The assesse in this case can opt for this option to pay presumptive tax @8%. As per the provisions of section 44AE in respect of vehicle income will be computed @ Rs. 7,500 per month.
Most importantly An assessee adopting these provisions is not required to maintain the regular books of account and also exempt from getting the accounts audited.
Most importantly An assessee adopting these provisions is not required to maintain the regular books of account and also exempt from getting the accounts audited.
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