Section 44AE of ITA, 1961 : Section 44Ae: Special Provision For Computing Profits And Gains Of Business Of Plying, Hiring Or Leasing Goods Carriages
ITA, 1961
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Explanation using Example
Let's say Mr. Singh owns a small transport business with a fleet of 8 trucks, all of which are used for transporting goods. He is considering how to file his income tax for the year. According to Section 44AE of the Income-tax Act, 1961, since Mr. Singh owns less than ten goods carriages, he can opt for a presumptive taxation scheme.
Out of his 8 trucks, 5 are heavy goods vehicles (each with a gross vehicle weight of more than 12,000 kilograms) and 3 are other goods carriages. He calculates the income from each h...
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