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Sohail (CA)     19 July 2012

Sec 44ae

Can a person show income under sec 44ae If he operates Heavy Goods vehicles that is if he is engaged in goods transport businees...........Thanks in Advance........



 3 Replies

Syed Farzan

Syed Farzan (CA IPCC)     19 July 2012

Yes he can show his income under Sec 44AE.

  • Sec 44AE applies to a PERSON ( may be individual, huf, firm, company..etc,,) owning 'not more than 10' Goods carriages.
  • The income of each good carrieage vehicle being a Heavy good vehicle is estimated at 5000 for every month.

 

Sohail

Sohail (CA)     19 July 2012

My query is If a person does his own goods carriage business can he show his income u/s 44ae? I am not talking about Hiring or Lending of vehicles......

Syed Farzan

Syed Farzan (CA IPCC)     20 July 2012

M not sure but i think owning the vehicles also is covered in this section.


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