FAST TRACK ----- PGBP
REVISION TIME ---- IMPORTANT PROVISIONS
PRESUMPTIVE TAXATION
| PARTICULAR | SEC. 44AD | SEC. 44AE |
| Eligible Business | Any business other than business referred in sec. 44AE | Business of plying, hiring, or leasing of goods carriage |
| Eligible Assessee |
Resident:-
|
Any assessee |
| Income euuals to -- | 8% of total turnover or gross receipts of the assessee |
For heavy Goods vehicles-- Rs. 5,000pm or part of a month during which vehicle is owned by assessee. For other than above-- Rs. 4,500pm or part of a month during which vehicle is owned by assessee.
|
| Not applicable in case -- |
Turnover/Gross receipts exceed60Lacs or Assessee claims income from said business to be lowe than 8% computesd as above |
Assessee owns more than 10 goods carriage at any time during the year. or Assessee claims income from said business to be lowe than computesd as above
|
| Deduction u/c VI-A | Deduction of this business income shall not be allowed but other deductions can be claimed from this income. | This income shall be aggregated with other incomes and deductions u/c VI-A shall be allowed. |
| Advance Tax provisions | Shall not be applicable for such business | Shall be applicable |
| Deduction or disallowance u/s 30-38 | All deduction or disallowance u/s 30-38 shall be deemed to be allowed i.e. no seperate deduction shall be allowed for nay expense incurred for earning such income. | All deduction or disallowance u/s 30-38 shall be deemed to be allowed i.e. no seperate deduction shall be allowed for nay expense incurred for earning such income. |
| Deduction u/s 40(b) | Deduction for interest and salary u/s 40(b) to partners shall be allowed from the income computed above. | Deduction for interest and salary u/s 40(b) to partners shall be allowed from the income computed above. |
| Depreciation | Dep. shall be deemed to have been allowed & accordingly WDV of next year shall be calculated. | Dep. shall be deemed to have been allowed & accordingly WDV of next year shall be calculated. |
| Applicability of SEC. 44AA & 44AB |
SEC. 44AA & 44AB shall not be applicable on such business. If assessee claims that profits are lower than as computed above, he shall maintain boks of accounts as prescribed u/s 44AA and get his accounts audited u/s 44AB |
If assessee claims that profits are lower than as computed above, he shall maintain boks of accounts as prescribed u/s 44AA and get his accounts audited u/s 44AB |
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