Tax Audit of Transporter
This query is : Open
CA SAGAR M. AHUJA
(Querist)
25 May 2016
If i have five trucks and my total turnover is more than 1 crore, shall i require to maintain and get audited my financial statements or i can choose the option of 44AE by showing income of 4.5 lacs
7500*12*5
Jaymin Sabhaya
(Expert)
25 May 2016
Dear Sir,
The requirement of Section 44AE is the taxpayer should not own more than 10 goods carriages at any time during the year. you have only 5. therefore you can opt optional scheme under section 44AE of the Income tax. actual turnover is irrelevant.
The requirement of Section 44AE is the taxpayer should not own more than 10 goods carriages at any time during the year. you have only 5. therefore you can opt optional scheme under section 44AE of the Income tax. actual turnover is irrelevant.
Rupesh Jain
(Expert)
25 May 2016
you can take benefit of 44AE , then no tax audit required.
CA SAGAR M. AHUJA
(Expert)
25 May 2016
Thanks Jaymin and Rakesh for your valuable inputs
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
