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Presumptive taxation

Tax queries 344 views 1 replies

Shivshankar

a c.a student

229 Points Joined November 2008

CAN ANY ONE HELP ME IN FOLLOWING QUERY

I AM THE OWNER OF 4 HEAVY GOODS VEHICLE AND 2 LIGHT MOTOR VEHICLE BUT THE REGISTRATION OF THE VEHICLES ARE DONE IN MY YOUNGER BROTHER'S NAME ALSO.NOW I WANT TO FILE MY INCOME TAX RETURN UNDER SECTION 44 AE UNDER PRESUMPTIVE BASIS SO HOW WILL BE THE CALCULATION DONE.

Replies (1)

CA Priya

CS Final

1049 Points Joined September 2009

An assessee, who is in possession of a goods carriage, whether taken on hire-purchase or on instalments and for which the whole or part of the amount payable is still due, shall be deemed to be the owner of such goods carriage. So even if the registration is in the name of the brother u have to take those into consideration....