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of <h1>Finance Bill 2014: Section 44AE Amendment Updates Income Tax for Goods Carriage Businesses from April 2015</h1> Clause 16 of the Finance (No. 2) Bill, 2014 amends section 44AE of the Income-tax Act, effective April 1, 2015. It revises the calculation of profits and gains for businesses involved in plying, hiring, or leasing goods carriages. The amendment stipulates that profits from each goods carriage will be deemed as 7,500 rupees per month or the actual amount earned, whichever is higher, removing the distinction between heavy and other vehicles. The term 'goods carriage' is defined as per the Motor Vehicles Act, 1988. These changes apply to the assessment year 2015-16 and onwards.
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