Trasnporter -44ae

44 AE is presumtive taxation upto 10 trucks so total receipt is of no use.

1. Income will be shown each truck based on ton capacity of each truck as mentioned in 44AE.
eg: for 1 st truck if its wight is 12 ton or less then income to be taken Rs. 7500 or more per month.

2.As per 44AE Trucks can be owned, leased or rented, also there is option to select this in ITR 4. Hence income from 8 trucks will be shown line item wise in ITR -4. You also have to mention Registration no of each truck, weight of each truck and presumtive income from each truck as per 44AE.

3. No treatment for lease payments as it is presumtive taxation so no lease expenses are allowed to be deducted.