Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Taxability under section 44AE on basis of tonnage capacity of goods carriage

A taxpayer who is engaged in the business of plying, hiring or leasing of GoodsCarriage and having not more than 10 good carriages, has an option to avail of presumptive taxation scheme under section 44AE.

Up to Assessment Year 2018-19, income of taxpayer is deemed to be Rs. 7,500 per goods carriage per month irrespective of tonnage capacity of goods carriage. Accordingly, the big transporters who own large capacity/size goods carriages were also eligible to avail the benefit of section 44AE.

The Finance Act, 2018 made an amendment under section 44AE to provide that in the case of heavy goods vehicle (more than 12MT gross vehicle weight), the income would be deemed to be an amount equal to Rs. 1,000 per ton of gross vehicle weight or unladen weight per month for each goods vehicle. The vehicles other than heavy goods vehicle will continue to be taxed as per the existing scheme.

Now, consequent amendments have been made in ITR forms..
This change will impact [ITR-3, 4, 5, 6]

Share This!

No comments:

Post a Comment