Section 44AE

Tax queries 623 views 2 replies

Dibyendu

Consultant

162 Points Joined April 2011

Section 44AE says "Any person engaged in the business of plying, leasing or hiring of trucks if he owns not more than 10 goods carriages at any time ...

Income:

Heavy Goods Vehicle - Rs. 3,500 for every month (or part of a month) during which the goods carriage is owned by the taxpayer

Other than Heavy goods vehicle - Rs. 3,150 for every month (or part of a month) during which the goods carriage is owned by the tax-payer.

I am a bit confused whether Mahindra Bolero(4wheel) leased or hired for public carriage and not goods can be considerd as 'truck". or not?

Please reply. Thanks - Dibyendu, Kolkata

Replies (2)

Vikas

1135 Points Joined January 2010

Friend, please note the following,

1. 44AE is applicable to the goods carrying vehicle, hence according to me the BOLERO carrying people cann't be included;

2. The limit figures mentioned are not correct : for heavy goods vehicle, it is Rs.5,000/- & for others it is Rs.4,500/-.

Hope this solves your problem...

Guest

Bolero was once again bestowed with the highest selling SUV title in India for the sixth consecutive year. Mahindra Bolero is the only SUV to feature in the top selling passenger vehicles in India. Mahindra Bolero price tag after these new changes starts from 5.60 lac to 7.17 lac. In order to make the new Bolero more powerful with reduced NVH (Noise, Vibration and Harshness), Mahindra has introduced a 2.5L m2DiCR engine in the new Bolero. The all-new 2.5L m2DiCR engine churns out a 46.3kW and has a fuel efficiency of 15.96 kmpl on the highways and 12kmpl in the city.