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of <h1>Section 44AE: Business Owners Exempt from Keeping Books if Declaring Income Per Vehicle Under Presumptive Taxation Scheme</h1> Under the presumptive taxation scheme of Section 44AE of the Income-tax Act, 1961, individuals engaged in business are not required to maintain books of account as mandated by Section 44AA. This exemption applies if they declare income of Rs. 7,500 per month per goods carriage or Rs. 1,000 per ton of gross vehicle weight for heavy goods vehicles, or the actual income earned, whichever is higher. This provision has been applicable since Assessment Year 2019-20.
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