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44ADor 44AE which section apply
suppose i have 12 trucks than on me which section apply
Replies (21)
Section 44 AE may be applicable - presumative income 7500/- per truck .
truck is more than 10
44ae apply to truck upto 10
sec 44AD will be apply bcoz there is more then 10 trucks having by assessee.
sec 44AD first line -was business other than 44AE
normal provisions apply
presumptive taxation sections won't applicable in your case
book of ac maintenance comulsory in my case
and prepare p and l a/c and i have use sec 30 to sec 38 for p and l a/c ??
so audit was not required if i show less profit becz sec 44ad was not applicable to me as per your answer right ????
there's mixed opinion in this regard, so better you show 8% income or audit your books to avoid scrutiny/ penalty for not auditing
i think turnover limit 2 crore was applicable
8% minimum profit requirements was not there
8% income to Avoid possible scrutiny
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