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Income Tax - The provisions of section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.). Unlike section 44AD, in case of section 44AE there is no restriction on which categories of assessees can opt for the scheme.. All sorts of assessees can opt from this scheme....
Read MoreIncome Tax - To give relief to small assesses, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz., the scheme of section 44AD and the scheme of section 44AE. An assesses adopting these provisions is not required to maintain the regular books of account and is also exempt [&hel...
Read MoreIncome Tax - This section applies to all types of assesses whether resident or non-resident who are engaged in the business of plying , Hiring or leasing of goods carriages and owns not more than 10 goods carriages at any time during the financial year. Here the important point that is to be noted Is that the ownership of the good carriages should be...
Read MoreShri Amitkumar Hasmukhbhai Shah vs DCIT (ITAT Ahmedabad) - The contention of the assessee is that he has shown income from truck under section 44AE of Rs. 2,01,000/- which includes income of Rs.1,07,890/- from M/s. Chandan Carriers, and therefore, no separate addition of Rs.1,07,890/- is warranted. None of the lower authorities has verified this contention ...
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Shri Amitkumar Hasmukhbhai Shah vs DCIT (ITAT Ahmedabad) -
