44AE Income tax

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B.SC
202 Points Posted on 17 September 2020
good mng to all CA EXPERTS.
I HAVE TWO BUSES. CAN I DECLARED INCOME U/S 44 AE . THE TWO BUSES GIVEN TO CONTRACT TO APSRTC. I HAVE RECEIVED RECEIPTS FROM APSRTC WITH TDS 194C.IN THIS REGARD CAN DECLARE INCOME U/S 44 AE. BUS WEIGHT AROUND 17 TONNES.
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On 17 September 2020 at 09:34 Report
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This discussion explores whether income from two buses given on contract to APSRTC, with TDS under Section 194C, can be declared under Section 44AE of the Income Tax Act. The consensus is that Section 44AE is applicable only to goods carriage vehicles, not passenger vehicles like buses. Therefore, the benefit of Section 44AE is not available in this scenario.

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Practice
4510 Points Posted on 17 September 2020

Section 44 AE applicable on Goods Carriage not in Person.

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On 17 September 2020 at 10:05
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Tax and Business Consultant
11616 Points Posted on 17 September 2020
No, Sec 44AE benifit is not available in your case, as it's available only for GOODS Carriage Vahicle, not for passenger vehicles..
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On 17 September 2020 at 10:21
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B.SC
202 Points Posted on 17 September 2020
Thanking u sir
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On 17 September 2020 at 10:43
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Tax and Business Consultant
11616 Points Posted on 17 September 2020
Most welcome........
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On 17 September 2020 at 20:02

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