Presumptive Income U/s 44AE

[CA AJAY KUMAR AGRAWAL]

A transporter getting trucks on hire basis (per day or per month) & doing misc. transporting work. For that he collects payment from factories (after TDS) Can he opt for presumptive taxation u/s 44AE as he is not the owner of trucks? What if his total turnover (gross receipt from such misc. work) during the year is more than ₹ 1 Crores? & under which head his income will be assessed.

AI Summary

Transporter Cannot Use Presumptive Taxation Under Section 44AE Without Truck Ownership; Tax Implications for Turnover Over 1 Crore Explained. A transporter who hires trucks on a daily or monthly basis and performs miscellaneous transporting work is inquiring about the applicability of presumptive taxation under Section 44AE of the Income Tax Act, given that he is not the owner of the trucks. Additionally, he seeks clarification on tax implications if his total turnover exceeds 1 crore and the appropriate income assessment head. The response provided indicates that the transporter cannot opt for presumptive taxation under Section 44AE.