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Section 44ad

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PROPRIETER
40 Points Posted on 24 August 2018

HELLO

I AM RUNNING A TRANSPORT BUSINESS BY TAKING FEW TRUCKS ON RENT FROM THE LOCAL TRUCK OWNERS.CAN I DECLARE INCOME TAX RETURN U/S 44AD.

THANKS IN ADVANCE

 

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On 24 August 2018 at 19:25 Report
Replies (6)
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867 Points Posted on 24 August 2018
you can declare presumptive income u/s 44AE
11 Reply
On 24 August 2018 at 19:56
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CA
609 Points Posted on 24 August 2018
no you are not eligible for tax return u/s 44AD..
you have an option to declare your income u/s 44AE provided number of trucks taken on rent rent or owned by u is not more than 10 at any time during the previous year..
6 Reply
On 24 August 2018 at 20:00
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PROPRIETER
40 Points Posted on 24 August 2018
I am not the owner of trucks but taking it on rent from others
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On 24 August 2018 at 20:01
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PROPRIETER
40 Points Posted on 24 August 2018
I am not the owner of trucks but taking it on rent from others
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On 24 August 2018 at 20:01
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CA
609 Points Posted on 24 August 2018
The provisions of Section 44AE are only applicable to taxpayers who are in the business of leasing/ plying or hiring of goods carriage and are not applicable to a taxpayer who has taken such vehicle on lease
6 Reply
On 24 August 2018 at 20:13
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88 Points Posted on 24 August 2018
ownership is required for 44AE
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On 24 August 2018 at 20:18


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