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Trasnporter -44ae

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Sanjeev Saini

Manager

34 Points Posted on 23 August 2019

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.