Section 44AE of the Income Tax Act 1961 states that small businesses engaged in the business of plying, hiring or leasing goods carriages having not more than 10 vehicles, can opt the Presumptive Taxation Scheme for determining the taxable income for a particular financial year.
There are 2 important criteria for eligibility under section 44AE-
- Engaged in the business of plying, hiring and leasing goods carriage. Therefore if an assessee is engaged in the business of passenger carrying vehicles or passenger transport cannot opt for such scheme.
- The business is not owning more than 10 goods carriage vehicles in the previous Financial Year.
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|Asked: 12/21/18, 2:40 AM|
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|Last updated: 12/21/18, 2:44 AM|