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Sec 44AE for heavy vehicles.

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Sadik Shaikh

52 Points Posted on 14 October 2020

a) if assessee owns 2 heavy vehicles having (gross weight 28000kg) but the vehicle was not in use during the year still it deemed income has to be offer for the purpose of income?
b)
and what if he owns 2 heavy vehicle but doesn't want to opt sec 44AE and maintain book of account. Can he just file ROI through ITR 3 or has to conduct audit?

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Quick Summary

This discussion clarifies the application of Section 44AE for owners of heavy vehicles. It addresses whether deemed income must be declared even if vehicles are unused and explores the implications of opting out of Section 44AE, including the necessity of maintaining books of account and whether an audit is required for filing under ITR 3, especially if audits were not conducted in previous years.