Special provision u/s 44AE
This query is : Resolved
01 October 2008
WHETHER THE CEILING OF RS.40 LAKHS PRESCRIBED IN SECTION 44AB OF THE INCOME TAX ACT,1961 IS TO BE CONSIDERED FOR OPTING SECTION 44AE.
01 October 2008
You have the answer in subsection (5) of Section 44AE.
01 October 2008
Sir
Let me make my question in detail:-
1.Assessee is in the business of plying goods carriages.
2.He owns less than 10 goods carriages.
3.He has no other business.
4.His gross receipts from plying of goods carriages is more than Rs.40 lakhs per annum.
Whether his accounts are to be audited compulsorily u/s 44AB of the income tax act,1961 irrespective of the quantum of taxable income.
Let me make my question in detail:-
1.Assessee is in the business of plying goods carriages.
2.He owns less than 10 goods carriages.
3.He has no other business.
4.His gross receipts from plying of goods carriages is more than Rs.40 lakhs per annum.
Whether his accounts are to be audited compulsorily u/s 44AB of the income tax act,1961 irrespective of the quantum of taxable income.
01 October 2008
Mr.Warrier,
It is clearly stated in subsection (5) that as far as they relate to the business of plying goods carriages by an assessee who owns not more than ten goods carriages, the provisions of section 44AB shall not apply in computing the monetary limits under that section.
So, what is the doubt?
It is clearly stated in subsection (5) that as far as they relate to the business of plying goods carriages by an assessee who owns not more than ten goods carriages, the provisions of section 44AB shall not apply in computing the monetary limits under that section.
So, what is the doubt?
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