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Tax Audit of Transporter

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(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
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Jaymin Sabhaya

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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.
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Rupesh Jain

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Rupesh Jain (Expert)
25 May 2016 you can take benefit of 44AE , then no tax audit required.
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CA SAGAR M. AHUJA

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CA SAGAR M. AHUJA (Expert)
25 May 2016 Thanks Jaymin and Rakesh for your valuable inputs
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