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
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)
Agree with Mr. Kulwant.
Dear yuvaraj
Section 44AE Applicable To a Person Owning not more than 10 goods carriages at any time
during the previous year.
yes agree with you.
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)
CAclubindia
