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
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