U/s 44-ae

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Devendra (Querist)
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23 February 2012 Hello Sir,

i am doing business of hiring vehicles & i have filed I.T.Return u/s 44-ae. For F.Y.2010-11 my T.O. exceeds of Rs.60 Lacs. so can i filed my return u/s 44-ae or i have to make audit u/s 44-ab for this year.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 February 2012 Since your gross receipt exceed Rs. 60 lakhs, you cannot avail the benefit of Section 44AE.

It is mandatory to get your accounts audited.

Krishna Mohan

Krishna Mohan (Expert)
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23 February 2012 Section 44AE does not apply in case turnover exceeds Rs.60 lacs. Hence, you have to get your accounts audited u/s 44AB.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 February 2012 Turnover is not a criteria for 44AE. What has to be seen is the number of vehicles and whether the nature of business is 'plying,hiring or leasing of goods carriages'.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 February 2012 The word "owned" may be added with the above reply in reference to vehicles.
.
Without ownership of vehicles 44AE will not be available.

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