Section 44AE

in sec 44AE

business is of plying hiring or leasing goods carriages 

condition--    not more than 10 goods carriages at any time during the year(weather on hire purchase or lease)

calculation of income-- 

heavy vehicle---                              Rs 3500 per vehicle per month(5000 for AS 2011-12)

light vehicle------                             Rs 3150 per vehicle per month(4500 for AS 2011-12)

rest provisions are same as section AD

sec 44 AF

business-- retail trade

condition---- turnover/gross receipts less than 40 lacs

calculation of income

5% of total turnover/gross receipts(instead of 8% in section AD)

From AS  year 2011-12

sec 44AD and AF will be omitted and new section 44AD will satisfy the need of both section

NEW sec 44AD is as follow

business--- any except covered by sec 44AE

condition--- turnover/receipts less than 40 lacs

calculation of income 

8% of turnover/gross receipts 

dear varun

no deduction is available for computing the income under these premsumptive income taxation whether it is 44AD or 44AF OR 44AE.

the only deduction is available is if the above is partnership firm then we can deduct the aount of remuniration and interest paid to partners subject to proviso of sec40(b)

Originally posted by : tarun rustagi
	dear varun no deduction is available for computing the income under these premsumptive income taxation whether it is 44AD or 44AF OR 44AE. the only deduction is available is if the above is partnership firm then we can deduct the aount of remuniration and interest paid to partners subject to proviso of sec40(b)

and deduction u/s 8o is available......rest agree with above......