Transporter / 44ae

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CA AJAY KUMAR AGRAWAL (Querist)
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23 July 2016 A transporter getting trucks on hire basis (per day or per month) & doing misc. transporting work. Can he opt for presumptive taxation u/s 44AE? What if his total turnover (gross receipt from such misc. work) during the year is more than Rs 1 Crores? Any answer plz?

CA Rohit Jain

CA Rohit Jain (Expert)
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23 July 2016 section 44AB and 44 AD doesn't apply to person who is opting for presumptive taxation u/s 44AE. Hence the limit of Rs 1 crore is not applicable. Income in such cases will be assumed Rs 7500 per month per carriage. Also assessee must not own more than 10 goods carriages. In your case assessed is not owner of the trucks. hence in my view he cannot opt for presumptive taxation under section 44AE

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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23 July 2016 44AE applies only to owners of goods carriages.

CA AJAY KUMAR AGRAWAL

CA AJAY KUMAR AGRAWAL (Querist)
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23 July 2016 Thank you very much. Then in this case (as turnover exceeds Rs 1 Crore) under which head income will be assessed & Tax Audit will be applicable or not ?

CA Rohit Jain

CA Rohit Jain (Expert)
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23 July 2016 yes tax audit will be applicable

CA Rohit Jain

CA Rohit Jain (Expert)
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23 July 2016 under head pgbp

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