SECTION 44AE & SECTION 44AB

[SHAAN NISHA]

HI EVERYONE,

I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABILITY OF SECTION 44AB?

THANKS IN ADVANCE

I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABLITY OF SECTKION 44AB?

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=435335&offset=1

HI EVERYONE, I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABLITY OF SECTKION 44AB? THANKS IN ADVANCE

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=435335&offset=1

HI EVERYONE, I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABLITY OF SECTKION 44AB? THANKS IN ADVANCE

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=435335&offset=1

HI EVERYONE, I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABLITY OF SECTKION 44AB? THANKS IN ADVANCE

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=435335&offset=1

[DR.MARIAPPAN GOVINDARAJAN]

It is possible for the Department to ask for documents. You have to show the source of deposit in your account and also the justification for such deposit in your account in the course of your business.

AI Summary

Filing Taxes Under Section 44AE: Document Requests Possible for 8 Crore Transactions; Section 44AB Applicability Discussed An individual inquired about the implications of filing tax returns under Section 44AE, owning ten trucks, and having bank transactions amounting to 8 crore. They questioned whether the Income Tax Department might request documentation for these transactions and if Section 44AB applies. A respondent confirmed that the department could request documents, advising the individual to provide the source and justification for the deposits related to their business activities.