Meaning Under Sec.44AE

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131 Points Posted on 26 July 2020
what is the meaning of actual amount earned under sec.44AE.

whether total receipt as per 26AS can be taken as actual amount earned or less then 26AS can be taken as actual amount earned.


expert opinion required.
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On 26 July 2020 at 22:06 Report
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This discussion clarifies the meaning of 'actual amount earned' for transporters opting for presumptive taxation under Section 44AE. It explains that if you're a transporter with up to 10 vehicles, you can declare income based on a presumptive rate per vehicle per month, rather than your total receipts shown in Form 26AS. Even if 26AS shows a higher amount, your declared income can be the lower, presumptive figure, helping you avoid notices and potentially claim refunds.

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3235 Points Posted on 26 July 2020
Amount paid/credited in 26AS or amount paid/ credited in books of accounts which ever is higher..
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On 26 July 2020 at 22:14
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131 Points Posted on 26 July 2020
Sir,
please suggest for an individual assessee
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On 26 July 2020 at 22:34
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1102 Points Posted on 26 July 2020
Sec 44AE stands for presumptive taxation for transporter,
This benefit is available is only when during FY transporter have upto 10 vehicles
then he can show 7500/-pm for one vehicle
and on case of 13ton Or more -1000par ton for pm for each vehicle.
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On 26 July 2020 at 22:35
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131 Points Posted on 26 July 2020
I have 2 vehicles having capacity less then 12MT and have attached both the vehicles in a company and recd month payment in my account after deducting TDS
I have received 620000 on which 6200 has been deducted but I actually earned around 3lakh rupees then why I will show 620000?
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On 26 July 2020 at 22:39
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1102 Points Posted on 26 July 2020
Whether these 2 vehicles are used for whole year
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On 26 July 2020 at 22:41
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131 Points Posted on 26 July 2020
Yes used for the whole year
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On 26 July 2020 at 22:45
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1102 Points Posted on 26 July 2020
Then you should go with sec 44AE and show income as calculate as per sec 44AE
7500/- each month for each vehicle and claim refund
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On 26 July 2020 at 22:48
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131 Points Posted on 26 July 2020
What if I get an intimation as my 26AS shows income of 620000
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On 26 July 2020 at 22:54
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3235 Points Posted on 26 July 2020
Amount shown in 26AS is your receipt not an income, your receipt is 620000 but your income on such receipt as per 44AE is 7500 p.m. × 12 month × 2 truck = 180000/- show in this way you will not receive any notice
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On 26 July 2020 at 22:59
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1102 Points Posted on 26 July 2020
As per my opinion, You are engaged in transporter business and having 2 vehicle soo you can claim benefit under sec 44 AE

Now if you want to go with normal provision
As in Form 26As 620000/- is your sale of service
You can claim exp against this income

soo don't worry go with sec 44AE, there will be no notice
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On 26 July 2020 at 23:02
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131 Points Posted on 26 July 2020
Ok thanks for your valuable opinion
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On 26 July 2020 at 23:06
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1102 Points Posted on 26 July 2020
Welcome @ Mr.vikram chouhan
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On 26 July 2020 at 23:12

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