How to account for taxation in transport Business?
Having 3-4 trucks.
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Transport Business
Replies (5)
Can opt for Sec. 44AE.. of IT act.
You can go for Section 44 AE of Income Tax Act that is presumptive taxation without maintenance of books of account .
If I want to maintain books of account?
Ok then in that case File ITR3 as regular business income and fill details of BS and P&L Account
1. For any person who is engaged in the transport business, there is an option available to show profit under presumptive taxation u/s 44AE.
2. According to sec 44AE, a person who is engaged in the transport business and having not more than 10 goods carriage at any point of time during the previous year.
3. You have an option to either use presumptive taxation u/s 44AE (without maintaining BOA) or show profit under the normal provision by maintaining books of accounts.
4. You can maintain books of accounts and still decide to show profit under u/s 44AE. Sec 44AE is an option available to the assessee.
Please correct me if the above interpretation has an alternative view.
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