Section 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages

Deemed income for goods carriage operators prescribes per-vehicle and per-ton monthly rates and restricts deductions.

Section 44AE deems profits of taxpayers owning up to ten goods carriages by applying per-vehicle or per-ton monthly income rates tied to gross vehicle weight or unladen weight; hire-purchase possessor is treated as owner; deductions under sections 30-38 are disallowed as deemed given; maintain books and obtain audit if declaring income below the prescribed deemed amount; written-down value is treated as if depreciation had been allowed. Key terms derive their meanings from the Motor Vehicles Act.