Section 44AE: Simplified Profit Calculation for Small Transporters with Up to 10 Goods Carriages, Based on Vehicle Weight

Section 44AE of the Income Tax Act provides a special provision for calculating profits and gains for individuals owning up to 10 goods carriages engaged in plying, hiring, or leasing. For light goods vehicles (under 12,000 kg), the deemed income is 7,500 per vehicle per month, and for heavy goods vehicles (over 12,000 kg), it is 1,000 per ton per vehicle per month. If the unladen weight exceeds 12,000 kg, the income is 1,000 per ton of unladen weight monthly. Deductions under sections 30 to 38 are not allowed, and books must be maintained if income declared is lower than specified.