If I have a samll business for which the turnover is less than 2cr and I also have some commericial goods vehicles, how can I use the sections 44AD and 44AE? How are the limits calculated in this case?
For example, to come under 44AD, one needs to have turnover less then 2cr and to come under 44AE, one needs to have less than 10 vehicles.
So if I have a turnover of 1.9 cr, and have 9 vehicles, can I still use these sections to calculate my taxes(i.e. income from biz A: 1.9cr*8/100 and income from transport biz: 9*7500?). Or does the transport business also need to be taken into account while calculating the total turnover (and thus whether 44AD can be applied)? I couldn't find any relevent example on the govt website.
How do people owning transport business (less than 10 vehicles) calculate their taxes if they have other sources of income too? Thanks
CAclubindia
