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Sec 44ae

Sohail (CA) (142 Points)

19 July 2012

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........

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3 Replies

Syed Farzan (CA IPCC) (748 Points)
Replied 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 (CA) (142 Points)
Replied 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......