Sec 44AE of the Income Tax Act specifies how to calculate income for Assesses whose main source of income is from Plying,Hiring and Leasing of Goods Carriage

Income Calculation:

In case of Heavy Vehicle, Rs.5000/- per month per truck
In case of others, Rs.4500/- per month per truck

REMEMBER:
Maintaining books and Auditing of accounts U/S 44AA AND 44AB is NOT COMPULSORY if the Assessee opts for this Presumptive Taxation Scheme.


DEFINITIONS:-"Goods Carriage and Heavy Vehicles" means as described in the Motor Vehicles Act"Eligible Assessee" is one who has NOT MORE THAN TEN TRUCKS.
 


Comments

RAGHU
29/01/2013 12:06pm

Sir,
I'm a truck operater i've about 2 trucks and also hire other trucks incase of emergency .Now my point is if my turnover is more that 1.00cr how do I file .do you want me to calculate as per the above section and declare.Please let me know how to go about it.

Thanks &Regards
Raghu

Reply
RAMARAO
24/06/2013 12:13am

Apportion your total income into two parts.

1. Income from owned vehicles (80%) ------> Claim the benefit u/s 44AE

2. Income from hired vehicles (20%) -------> Prepare financial statements.

if you require further clarification, please contact me.

Ramarao
Cell: (+91) 9963 5555 85
e-mail: cozytaxes@gmail.com

Reply
SACHIN GOEL
27/06/2013 2:27pm

I M A SCHOOL BUS CONTRACTOR WITH A SCHOOL IN THIS I M GETTING RS 38000/- PER MONTH AND MY BUS IS 32 SEATER AND FUEL AND MAINTANANCE CHARGE WITH DRIVER AND HELPER SALARY IS RS.24000 AND MY INSTALLMENT OF BUS IS 10000 SO PLS CALCULATE MY PROFIT AND MY INCOME TYPE

Reply
26/07/2013 1:03pm

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