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of <h1>Section 44AE Amended: Profits from Goods Carriage Now Calculated Monthly at 7,500 Rupees or Actual Earnings</h1> Section 44AE of the Income-tax Act was amended by the Finance (No. 2) Act, 2014, effective from April 1, 2015. The amendment revised sub-section (2) to state that the profits and gains from each goods carriage will be calculated as either 7,500 rupees per month or part thereof during which the vehicle is owned by the assessee in the previous year, or the actual earnings from the vehicle, whichever is higher. Additionally, the definition of 'goods carriage' was updated to align with the meaning assigned in section 2 of the Motor Vehicles Act, 1988.
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