https://www.taxtmi.com/article/detailed?id=12469 Presumptive taxation under Section 44AE allows assessees owning not more than ten goods carriages to have business income deemed as the aggregate of prescribed monthly amounts per vehicle, with different rates by vehicle class and weight basis. CBDT clarification specifies gross vehicle or unladen weight measurement for heavy vehicles and similar machines. The scheme treats standard business deductions as already given effect to, prescribes WDV treatment as if depreciation were allowed, excludes certain record and audit provisions unless lower profits are declared with audited accounts, and requires filing the designated simplified return form. en-us Thu, 28 Mar 2024 09:13:49 +0530 Thu, 28 Mar 2024 09:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12469 Presumptive taxation under Section 44AE allows assessees owning not more than ten goods carriages to have business income deemed as the aggregate of prescribed monthly amounts per vehicle, with different rates by vehicle class and weight basis. CBDT clarification specifies gross vehicle or unladen weight measurement for heavy vehicles and similar machines. The scheme treats standard business deductions as already given effect to, prescribes WDV treatment as if depreciation were allowed, excludes certain record and audit provisions unless lower profits are declared with audited accounts, and requires filing the designated simplified return form. Articles Income Tax Thu, 28 Mar 2024 09:13:49 +0530 https://www.taxtmi.com/article/detailed?id=12469