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Presumptive taxation u/s 44ae

Yuvaraj Rameshkumar (Audit Assistant) (70 Points)

06 February 2013

Hello, can any one clear my doubt?

One person is plying the heavy goods vehicle and not maintaining any books, then he will be assessable u/s44AE but upto a maximum of 10 of such vehicles.

If he was plying more than that (without books) then what will be his position?

Thanks in advance

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5 Replies

Kulwant Singh Khalsa (CA STUDENT) (105 Points)
Replied 07 February 2013

As per knowledge, if he plying more than 10 vehicles then in that case section 44AE wont apply

He need to maintain his books of accounts as per Section 44AA(kindly refer)

1 Like

Harish (CA Student) (568 Points)
Replied 07 February 2013

Agree with Mr. Kulwant.

1 Like

rusum.firoz basha (auditing) (25 Points)
Replied 07 February 2013

Dear yuvaraj

Section 44AE Applicable To a Person Owning not more than 10 goods carriages at any time

during the previous year.

1 Like

Ramanuj (Accountant.) (834 Points)
Replied 07 February 2013

yes agree with you.

1 Like

Yuvaraj Rameshkumar (Audit Assistant) (70 Points)
Replied 07 February 2013

will that person be penalised for not maintaining the books as per sec 44AA?

and hence he was not maintaing books, what is the computation procedure of his total income (incase his main business is plying those vehicles of more than 10 as mentioned earlier)