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

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Manager Audit & Taxation
170 Points Posted on 15 September 2016

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!

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On 15 September 2016 at 23:04 Report
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Accounts Manager
1292 Points Posted on 16 September 2016
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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On 16 September 2016 at 11:34
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Manager Audit & Taxation
170 Points Posted on 16 September 2016

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

 

 

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On 16 September 2016 at 13:04
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Accounts Manager
1292 Points Posted on 17 September 2016
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!
1 Reply
On 17 September 2016 at 15:57

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