Taxation of income u/s 44ae with audited income

This query is : Resolved

AMIT KUMAR PADIA (Querist)
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16 June 2014 Respected Professionals
An Individual assessee having gross receipt from Trading activity is Rs.76 lacs & also owner of 3 Dumper which he gives on hire and also used in trading business for transportation of materials.
my query is that is it possible to claim income from dumper u/s 44AE and get audit of trading activity and also claim depreciation on all dumpers???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 you want to have the cake and eat it too!!

once you get covered under 44AE, the depreciation is assumed to have been taken. you cannot claim it again under business income.

Rupesh Jain

Rupesh Jain (Expert)
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20 June 2014 you can take audit of trading business and income of dumber take u/s 44AE @ 4500 or 5000 per month per dumper it is net income after claiming deprecation and other any exp. related to dumber.

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