U/s44ae of the it act, 1961, very urgent
This query is : Resolved
AMIT AGRAWAL
(Querist)
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
Rajagopalakrishnan R
(Expert)
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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