Urgent clarification regarding amendment in section 44AE of the Income Tax Act, 1961 (Act).

Urgent clarification regarding amendment in section 44AE of the Income Tax Act, 1961 (Act). https://www.taxtmi.com/circulars?id=67277 Computation under section 44AE must follow Motor Vehicles Act definitions: a heavy goods vehicle is a goods carriage whose gross vehicle weight exceeds 12,000 kilograms; tractors or road-rollers are assessed by unladen weight. Presumptive income is Rs. 1000 per ton of gross vehicle weight per month for heavy goods vehicles, and Rs. 1000 per ton of unladen weight per month for tractors and road-rollers where gross vehicle weight does not apply. en-us Wed, 14 Aug 2019 00:00:00 +0530 Tue, 26 Mar 2024 14:27:00 +0530 TaxTMI RSS Generator Urgent clarification regarding amendment in section 44AE of the Income Tax Act, 1961 (Act). https://www.taxtmi.com/circulars?id=67277 Computation under section 44AE must follow Motor Vehicles Act definitions: a heavy goods vehicle is a goods carriage whose gross vehicle weight exceeds 12,000 kilograms; tractors or road-rollers are assessed by unladen weight. Presumptive income is Rs. 1000 per ton of gross vehicle weight per month for heavy goods vehicles, and Rs. 1000 per ton of unladen weight per month for tractors and road-rollers where gross vehicle weight does not apply. Circulars Income Tax Wed, 14 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67277