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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2014
Dear friends,

Please help me in following case

Case 1

Transporter having Total Gross Receipts is Rs. 90 Lac,
He has taken all the 12 Trucks on Rent

In which section i have covered
Section 44AD
Section 44AE
or can i declare profile lower than 8% of Gross Receipts without Tax Audit

Case 2
What will the answer if i have taken only 9 trucks on the Rent

Nikhil Kaushik

Nikhil Kaushik (Expert)

22 September 2014 case 1 : can be covered under 44AD (44AE wont apply as the vehicles exceed number limit of 10)

case 2: 44AE shall apply

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2014 But under Section 44AD Transport Businesses are specifically excluded

It means can i declare profit lower than 8% without Tax Audit

Nikhil Kaushik

Nikhil Kaushik (Expert)

24 September 2014 it excludes only the 44AE business. once you got more than 10 trucks, 44AE wont be applicable, thus leaving 44AD option open

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