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.
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Section 44AE
Replies (8)
Quick Summary
Section 44AE is applicable for persons who are owning vehicles..as ur brother is not owning any vehicle..he is ineligible to opt for the presumptive scheme..he would be required to comply with the normal provisions of the income tax act.
ownership of vehicle is MUST
your brother is NOT eligible for the presumptive taxation u/s 44AE
Is he is eligible for 44AD then??
If he is not dealing commission basis then Yes, he can eligible u/s 44ad...
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
@ Mr Kannan GS.,
As per Your query.,
Your brother can opt sec 44ad and 44ae...
As per Your query.,
Your brother can opt sec 44ad and 44ae...
| Originally posted by : kannangs | ||
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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. |
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Sir, In this case what is business code for 44AD (Income from Hire Trucks). 11008?
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