ITR form used for return under Presumptive scheme u/s 40AE

ITR 1827 views 10 replies

shivkeshri

Student

57 Points Joined January 2009

If i want to submit my return under presumptive scheme basis u/s 40AE for plying and leasing of goods vehicles then which ITR i will be required to fill and how will the computation will presented?????????

If any one have a return copy properly filled up of an individual assessee under the same scheme then please do me a favour by Sending me the Filled ITR ,Computation,Balance Sheet and P/L a/c after deleting all the personal details of such assessee.With reference to which i can prepare a return under such scheme.

My email id is shivkeshri @ gmail.com

Replies (10)

Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Joined November 2008

HI Shivakesari,

First i would like to correct you that the section is 44AE.

Secondly, there is no seperate form prescribed for this. Its the same as in normal business.

computation will be :

heavy vehicle 3500* no of vehicle

Other vehicle 3150* no of vehicle

the above will be total income.No expenses will be allowed in this except, Interest & Salary to partners(In case of Partnership Firm)

Regards

Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Joined November 2008

The above amount is per month and per vehicle. You can use this section if the number of vehicle doesn't exceeds as prescribed u/s 44AE

shivkeshri

Student

57 Points Joined January 2009

Thankyou Sir for your Valuable correction and suggetion but Sir I want to know whether any Balance Sheet or P/L A/c will be required to prepare or not and in ITR 4 under which head i have to show the income computed so.

Further one more question if their are two co owners say X and Y of 1 heavy goods vehicle then whether income is computed as 3500*12 or 1750*12 in each one's individual file.

Futher any one have a I.T.File relating to such computation then please send the whole file to my e-mail id after deleting the personal information of the same assessee just for my reference.

My E-MAil id is shivkeshri @ gmail.com

Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Joined November 2008

under Sec 44AE, you are not required to maintain books of accounts u/s 44AA. But as per general practice followed by most of us is, prepare all the statement of accounts normally but for ROI, just file the documents as proof eg. deduction proof, no. of vehicle proof etc.

B/S and P/L though not required but still it is advisable to prepare if for your records.

You need to show in Business income only mentioning Income U/S 44AE (only net)

Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Joined November 2008

For Joint Owners, If there is a partnership Firm, it will same as above for the firm as a whole. If they are sole proprietor, then*************this is a gap which is not clear. I think there are 2 possibilities:

1. they both can claim 3500*no of vehicle.or

2. Assessing officer will assess this situation as AOP/BOI.

I am not very clear on this

CA Sakshi

CA Practice

309 Points Joined December 2008

Hi shivkesari

you have to file ITR - IV which you can download from website: incometaxindia.gov.in

I hope you'll try.

CA LOVELY ARORA

C.A. B.Com (H) Graduate

2151 Points Joined August 2008

ITR-4 to be used for return under presumptive scheme u/s 40 AE and abhinav aggarwal is right in the calculation.

shivkeshri

Student

57 Points Joined January 2009


"	Thankyou Abhinav Sir for your valuable help and regarding co ownership i heard from a tax consultant that both the owner should show @ Rs.1,750/- but it is written in the above Section that both the assessee can voluntary show higher Income as per their choice but i am not sure about the same therefore i request you and every one to help me in this regard.	"

shivkeshri

Student

57 Points Joined January 2009

Originally posted by :shivkeshri
"		"

shivkeshri

Student

57 Points Joined January 2009

Further Abhinav Sir or anyone who can give me their email id i will send them a sample Balance Sheet ,Income & expenditure a/c,Computation of Total income as as per normal basis and also a ITR 4 form if you can fill it as per PTS scheme under sec.44AE and sent it to me then i will be very tahnkfull to you.Every one will think that why i am not attaching file altough their is option here in our forum.The answer is because of some technical problem i faced in attaching file here.

In this respect anyone who can help me then i will be very thankful to them.

my email id is shivkeshri @ gmail.com