My brother doing the transport business. He has not own any trucks. He is hiring trucks from other trucks owners. Can his income covered u/s 44AE or if there is no provision please give some advice. looking for earliest reply.
My brother doing the transport business. He has not own any trucks. He is hiring trucks from other trucks owners. Can his income covered u/s 44AE or if there is no provision please give some advice. looking for earliest reply.
ownership of vehicle is MUST
your brother is NOT eligible for the presumptive taxation u/s 44AE
Actual transaction In last FY (2018-2019)
Freight Received Rs.3,10,000 (1% TDS Rs.3,100 Deducted under 194C) (Income from Own Truck)
Freight Received Rs.8,50,000 (1% TDS Rs.8,500 Deducted under 194C) (Income from Hiring Trucks)
can i use Both section 44AD and 44AE ? what is business code for 44AD?
Pls kindly give some suggestions.
Yes, you can use the benefit of the both the sections of presumptive income 44AD & 44AE
| Originally posted by : kannangs | ||
 |
Actual transaction In last FY (2018-2019) Freight Received Rs.3,10,000 (1% TDS Rs.3,100 Deducted under 194C) (Income from Own Truck) Freight Received Rs.8,50,000 (1% TDS Rs.8,500 Deducted under 194C) (Income from Hiring Trucks) can i use Both section 44AD and 44AE ? what is business code for 44AD? Pls kindly give some suggestions. |
 |
Sir, In this case what is business code for 44AD (Income from Hire Trucks). 11008?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
