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Individual, 2 vehicles turn over 1.3 crore , can opt 44ae?

Tax queries 300 views 3 replies

An Individual owning 3 Hevay Goods Vehicles,

Also procures services of other goods transporters which may be more than 10  vehicles  in a year

Turnover in a Financial year 2015-16, Rs.1,36,00,000/-

(One Crore Thirty six lakhs) Can he Opt for Presumptive Taxation u/s. 44AE?

Thanks a lot for kind support!

Replies (3)
SIR YOU CAN FILE YOU ITR WITH TWO SEPARATE BUSINESS UNDER SECTION 44 AD AND 44AE IN 44AE YOU CAN SHOW YOUR 3 HEAVY GOOD VEHICLE INCOME @ 7500/PER MONTH OF EVERY VEHICLE AND IN 44AD YOU CAN SHOW YOUR OTHER BUSINESS INCOME OF GOODS TRANSPORT . GOOD LUCK!

Thank you so much Mr. Mukesh Saini,

One more advice, is there any formula to segregate section 44AD turnover  from 1.36 Crore

total turnover that's including 44AE?

Thanks & Regards,

Valerian Dsouza

 

 

SIR YOU CAN FILE YOU ITR WITH TWO SEPARATE BUSINESS UNDER SECTION 44 AD AND 44AE IN 44AE YOU CAN SHOW YOUR 3 HEAVY GOOD VEHICLE INCOME @ 7500/PER MONTH OF EVERY VEHICLE AND IN 44AD YOU CAN SHOW YOUR OTHER BUSINESS INCOME OF GOODS TRANSPORT . GOOD LUCK!


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