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sec44AE applicability

ANJANI KUMAR (INTER+CPT) (115 Points)

12 February 2018

A person has 1 JCB vehicle .
Whether that person will be eligible for presumptive taxation u/s 44ae?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160342 Points)
Replied 12 February 2018

The presumptive taxation scheme under section 44AE can be opted for by an assessee who is engaged in the business of plying, hiring or leasing goods carriages and does not own more than ten goods vehicles at any time during the previous year.

How can JCB be classified as Goods Carriage?

Heena mangtani (Chartered Accountant) (272 Points)
Replied 12 February 2018

Motor Vehicle Act 1988 sec 2 (14) "goods carriage" means any motor vehicle constructed or adapted for use solely for the carriage of goods, or any motor vehicle not so constructed or adapted when used for the carriage of goods; (16) "heavy goods vehicle" means any goods carriage the gross vehicle weight of which, or a tractor or a road-roller the unladen weight of either of which, exceeds 12,000 kilograms; section 44AE required audit of operators of "goods carriage" or "heavy goods vehicle" as described in above act.

Read more at: https://www.caclubindia.com/experts/can-section-44ae-in-applicable--40451.asp