u/s 44AE playing and hiring of trucks

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Sanjeev Kumar Sharma (Querist)

22 February 2008 Hi to all my CA. friends

I want to confirm that an assessee who is running the business of playing and hiring of 7 trucks and earn more than rs. 3 crore in a year and on that amt. tds deducted by the service receivers. Is it possible not to take tax audit u/s 44AB of IT act, 1961 as receipt are more than rs. 3 crores

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

22 February 2008 if your receipt are more than fourty lakhs
then tax audit is compoulsory
sec 44AE is applicble only when maximum trucks are ten and total turnover is less than fourty lakhs
so you will audit your firm

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

22 February 2008 The provisions of section 44AA and 44AB shall not apply in relation to profits and gains of business of plying and hiring of 7 trucks, if the conditions of subsections (1) and (2) of Section 44AE are met with by the assessee.

Sanjeev Kumar Sharma

Sanjeev Kumar Sharma (Querist)

22 February 2008 Sorry mr. CA Hemant T Dewani and S. Srinivasaraghavan

I cant understand your view

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

22 February 2008 TAX AUDIT IS COMPULSORY IF RECEIPT ARE MORE THAN 40 LAKHS AND MAXIMUM TRUCKS ARE TEN

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