a person in financial year does trading of namkeen and biscuit and also own a commercial vehicle for transportation of good of other people such as vegetables and milk from market to destination ?., how can person show income in both sections 44 ad and 44 ae?
income from business and income from transportation.
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Income from trading and transportation
Replies (3)
Quick Summary
As per section 44AD, person doing transportation business is not eligible to declare business income under presumptive scheme.
So, you can only declare transportation business under sec, 44AE, but for business income you have to get it assessed under normal process.
Regarding business of trading:-
as per section 44 AD you can compute your income at the rate 8% of your gross receipts during the previous year.
Regarding business of trasnporation:-
as per section 44AE has two paranlance i. e. if you have heavy vehicle then compute your income at Rs 1000 per tonnes for month or part of the month and if not heavy vehicle then seven thousand per month or part of the month
the meaning of per month or part of the month is that if you have initiated a single transaction it means you liable to pay tax as per given provisions in section.
Can a person having leased commercial vehicle on rental agreement also show income in 44ae ,.like is it Mandatory to own vehicle to show income ?
and is income in both sections simultaneously allowed?
and is income in both sections simultaneously allowed?
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