Subrata Bose (Indipendent) (45 Points)
28 March 2014Sir,
Can a partnership firm of transport file income tax return u/s 44AD, when operating business only by hiring vehicles ?
Thanks in advance
Deepak Gupta
(CA Student)
(15922 Points)
Replied 29 March 2014
| Originally posted by : Subrata Bose | ||
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Sir, Can a partnership firm of transport file income tax return u/s 44AD, when operating business only by hiring vehicles ? Thanks in advance |
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As per para 32.1 of Circular No. 684, dated 10.06.1994, sec. 44AE is not applicable to the persons who do not own any truck but operate trucks taken on hire.
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As per sec. 44AD, "eligible business" means any business except the business of plying, hiring or leasing goods carriages referred to in sec. 44AE.
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So, I think as sec. 44AE is not applicable in your case, you may take the benefit of sec. 44AD.
Vikas
(Practicing Chartered Acountant)
(79 Points)
Replied 29 March 2014
CAclubindia
