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.

From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD 744AF.
The new Section will be aplicable to any business ( whether it is Retail trade,or Civil construction or any other business).
The provisions of the new Section will be applicable if the following conditions are satisfied:
1.Assessee eligible for the purpose of this Section has to be an Individual/a HUF/a Partnership Firm( not being a LLP);
2.The assessee has not claimed any deduction u/s.10A,10AA,10B,10BA,80HHto 80RRB in the relevant Assessment Year;
3.The is not engaged in the business ofplying,hiring,or leasing goods carriages referred to u/s. 44AE; and
4. Total Turnover/ Gross Receipt of the Assessee in the previous year should not exceed Rs. 60.00 lakhs.

The Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V forms relating to income tax returns for A.Y 2010 – 2011 filed electronically on or after 1st April 2010.

In the Budget date 28.2.11, the FM annoounced a new category of Individuals above the age of 80. They will be given Tax Exemptions upto Rs.5 Lakhs. My Question is.... Should the people above the age of 80 should be Taxed at all..?

I was hoping to put up a Tax Calculator on This Site. Wonder if People are Interested... What do you think?
Well its up and working people..!