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of <h1>Simplified Tax Scheme for Small Transport Businesses: Section 44AE Limits Ownership to 10 Vehicles for Easy Income Declaration.</h1> The presumptive taxation scheme under section 44AE is applicable to individuals, Hindu Undivided Families (HUFs), firms, companies, and other entities engaged in the business of plying, hiring, or leasing goods carriages. To qualify, the entity must not own more than 10 goods vehicles at any point during the year. This scheme simplifies tax calculations for eligible businesses by allowing them to declare income at a prescribed rate, thereby reducing the complexity of maintaining detailed accounts.
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