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Whether Tax Audit Applicable

Chirag Agarwal (16 Points)

21 May 2019  
I have 3 truck of Gross weight of 32 MT each.

If opted 44AE then it will be 1000 per tonne which will result in heavy profit which is actually not.

I can't file return under 44AE

Under which section should I file and whether TAX audit is applicable.??

 3 Replies

Anshul Gupta (Article clerk ) (131 Points)
Replied 21 May 2019

If gross waight is exceeds 12000 kg that 12Tons.. It will categoried as heavy goods vehicle.
If u have only three truck can opt 44AE

Neemisha Khatri (Accounts) (283 Points)
Replied 21 May 2019

You can file ITR3 with books of accounts maintained, with actual profits declared for assessment. No audit mandatory, if turnover doesn't exceed 1 Cr.

3 Like

Chirag Agarwal (16 Points)
Replied 21 May 2019

Opting 44AE will result in actual profit

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