Presumptive taxation for goods carriage transport business sets deemed income rules, ownership tests, and audit conditions for lower declarations. Special presumptive computation applies to profits and gains from the business of plying, hiring or leasing goods carriages. The scheme uses deemed income per vehicle per month for an assessee owning not more than 10 goods vehicles, applies overriding effect over inconsistent computation provisions, treats certain hire purchase or instalment possession as ownership, and restricts separate deductions, while requiring books and audit where declared income falls below the prescribed level.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Presumptive taxation for goods carriage transport business sets deemed income rules, ownership tests, and audit conditions for lower declarations.
Special presumptive computation applies to profits and gains from the business of plying, hiring or leasing goods carriages. The scheme uses deemed income per vehicle per month for an assessee owning not more than 10 goods vehicles, applies overriding effect over inconsistent computation provisions, treats certain hire purchase or instalment possession as ownership, and restricts separate deductions, while requiring books and audit where declared income falls below the prescribed level.
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