U/s44ae of the it act, 1961, very urgent
This query is : Resolved
08 October 2011
SIR HOR ARE YOU.
A PERSON IS ENGAGED IN THE BUSINESS OF HIRING , LEASING, PLYING HEAVY GOODS VEHICLE AND RECEIVED A TOTAL GROSS RECEIPTS ENDING 31.03.2011 RS 8550000/- AND CLAIM INCOME RS 800000/-
WHETHER HE IS REQUIRED TO AUDIT U/S 44AB YES WHY
A PERSON IS ENGAGED IN THE BUSINESS OF HIRING , LEASING, PLYING HEAVY GOODS VEHICLE AND RECEIVED A TOTAL GROSS RECEIPTS ENDING 31.03.2011 RS 8550000/- AND CLAIM INCOME RS 800000/-
WHETHER HE IS REQUIRED TO AUDIT U/S 44AB YES WHY
09 October 2011
If the number of vehicles plied are 10 or less then the assessee can claim benefit under Section 44AE, he can show profit of Rs. 600000/- (60000*10). It does not matter if his gross receits are more than 60 lakhs - still he need not get accounts audited. But if Profit is less that 60000/- per vehicle, he has to get accounts audited
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