Trasnporter -44ae

Dear All..Please suggest me in below-mentioned situations for  FY 19-20 

01. Assesee is a transporter. and individual 

02. He has 02 own trucks in his name and 02 trucks in his sons and 04 trucks  from others  = total 08 trucks

03. He pays 20000/-  to his son for two trucks each and 20000/- for 04 trucks each.

04. his total receipt from the transportation (94C)  of goods per month is approx 12 Lacs.

Question is:   How to show his income u/s 44AE.

02. For How many trucks 

03 . what are a treatment for payment made for truck taken on lease?

Regards

Sanjeev Saini 

                          

 

Replies (1)
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.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details