U/s 44-ae
This query is : Resolved
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.
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.
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.
It is mandatory to get your accounts audited.
Krishna Mohan
(Expert)
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.
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
(Expert)
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.
.
Without ownership of vehicles 44AE will not be available.
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