The Presumptive Taxation Scheme of section 44AE is applicable to resident individuals, Hindu Undivided Families (HUFs) and partnership firms who are engaged in the business of plying, hiring or leasing goods carriages.
Under this scheme, the income of the eligible taxpayer is presumed to be at least Rs. 7,500 per month or part of a month for each goods carriage that is owned or leased by the taxpayer.
Under this scheme, the income of the eligible taxpayer is presumed to be at least Rs. 7,500 per month or part of a month for each goods carriage that is owned or leased by the taxpayer.
The following businesses are eligible under section 44AE:
1. Business of plying, hiring or leasing goods carriages.
2. Individuals, HUFs and partnership firms engaged in the above business.
3. Individuals, HUFs and partnership firms who own not more than 10 goods carriages at any time during the previous year.
4. Individuals, HUFs and partnership firms who have not claimed any deduction under section 10AA, section 32(1)(iia), section 32AD, section 33AB, section 33ABA or section 35AD or any allowance or deduction under Chapter VI-A in respect of the goods carriage.
1. Business of plying, hiring or leasing goods carriages.
2. Individuals, HUFs and partnership firms engaged in the above business.
3. Individuals, HUFs and partnership firms who own not more than 10 goods carriages at any time during the previous year.
4. Individuals, HUFs and partnership firms who have not claimed any deduction under section 10AA, section 32(1)(iia), section 32AD, section 33AB, section 33ABA or section 35AD or any allowance or deduction under Chapter VI-A in respect of the goods carriage.
It is important to note that the Presumptive Taxation Scheme of section 44AE is optional, and eligible taxpayers can choose to avail of it if they meet the criteria mentioned above.
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