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

Section 44AE: tax authorities may request documentary proof of bank deposits and business justification under the presumptive scheme. Tax authorities may require documentary proof of the source of bank deposits and business justification where a taxpayer files under the presumptive scheme of Section 44AE; such inquiries seek to substantiate that account credits arise from the declared truck business and are consistent with the presumptive return, irrespective of the taxpayer's election of that scheme.