U/s 44ae can we show higher amount
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2016
sir
my client having bus, it is engaged to APSRTC, he got 16,20,000 receipt for 2014-15
now we want file it return U/s 44AE
as per Income tax 7500 PM for heavy vehicle as net income so yearly income is 90000
but we want show more income because if we want to go to bank for loan in future this is not good for loans so we want show at least 3,00,000 as net income
in software it is allowing to enter directly in net amount column so i entered there 3,00,000 as net income
is it right
please tell me
my client having bus, it is engaged to APSRTC, he got 16,20,000 receipt for 2014-15
now we want file it return U/s 44AE
as per Income tax 7500 PM for heavy vehicle as net income so yearly income is 90000
but we want show more income because if we want to go to bank for loan in future this is not good for loans so we want show at least 3,00,000 as net income
in software it is allowing to enter directly in net amount column so i entered there 3,00,000 as net income
is it right
please tell me
09 January 2016
File return u/s 44AD. 44AE is only for trucks. You can show higher income of 3 lacs as net income.
Message likes :
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01 February 2016
Yes, you can declare higher income than prescribed u/s 44AE
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