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44ae section

Ramesh patel (Business) (190 Points)

09 February 2020

if a person takes a commercial good vehicle on rent/lease during a financial year by rental agreement then can a person show income under 44 ae ? the person does not own vehicle during course of time.

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7 Replies

Rohit Toshniwal (42 Points)
Replied 09 February 2020

No because he has not own vehicle

Ramesh patel (Business) (190 Points)
Replied 09 February 2020

But sir took vehicle on rent /rental agreement ,and as of my info it comes under 44 ae?income from transportation ,
now point is whether its mandatory to own vehicle or not?

Roshni (Studwnt) (1141 Points)
Replied 10 February 2020

44AE applies when you own the vehicle and not when it is rented.

Ramesh patel (Business) (190 Points)
Replied 10 February 2020

Can u share reference or act with this regard @ Roshni mam?🙏

Monu Prajapati (45 Points)
Replied 10 February 2020

Yes if any assessee wants to opt to disclose it's income during the financial then applicabilty of such section requires owning of vehicles, so assessee who has taken vehicle on rent then assessee can not opt Section 44AE to disclose its's income under presumption shceme, and regular slab rate shall be applicable shall be applicable