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of <h1>Clarification on Presumptive Income Calculation for Heavy Goods Vehicles u/s 44AE of Income Tax Act 1961.</h1> The circular addresses a query from the All India Motor Transport Congress regarding the calculation of presumptive income under section 44AE of the Income Tax Act, 1961, following amendments effective April 1, 2019. It clarifies that the term 'heavy goods vehicle' in this context refers to a goods carriage with a gross vehicle weight exceeding 12,000 kilograms. Profits and gains for such vehicles are calculated at Rs. 1000 per ton of gross vehicle weight per month. For tractors or road-rollers where gross vehicle weight is inapplicable, the calculation is based on unladen weight exceeding 12,000 kilograms.
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