Truck (gross weight 25 mt) hired on fix amount of ₹ 1,20,000 yearly and paid to owner.
Now query raising whom can eligible to opte to presumtive income 44AE real owner of truck? Or second party?
Please advise
Regards
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truck hired on fixed amount
Replies (3)
Presumptive Tax under 44 AE of the Income Tax act 1961 is applicable to owner of the truck , having less than 10 truck or goods carriage .
please confirm with others also .
The real owner of the Truck is eligible to opt for PRESUMPTIVE TAXATION SCHEME u/s 44AE of the Income Tax Act 1961 [ Rs. 7,500 per month per truck incase of Small Truck ], provided that he does not own more than 10 trucks during the year.
Warm Regards.
Warm Regards.
what about second party whom hired truck on yearly fixed amount?
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