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
6 Replies
CA P V N Varma
(CA )
(609 Points)
Replied 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..
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..
HEMANT
(PROPRIETER)
(40 Points)
Replied 24 August 2018
I am not the owner of trucks but taking it on rent from others
HEMANT
(PROPRIETER)
(40 Points)
Replied 24 August 2018
I am not the owner of trucks but taking it on rent from others
CA P V N Varma
(CA )
(609 Points)
Replied 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
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