Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages - (New) Section 58 / (Old) Section 44AE

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ofession [ Section 58(2) ] Transport Business (Goods Carriages) • Eligibility: Owners of 10 or less goods vehicles at any time during the year. • Income from Goods Carriages (Monthly per vehicle)  • Higher of (a) and (b) • (a) Aggregate of  • Heavy Vehicles: Rs.1,000 per ton of gross weight for every month or part of month vehicle is owned. • Other Vehicles: Rs.7,500 for each Goods Carriage per month for every month or part of month vehicle owned. • (b) profit claimed to have been actually earned • "Heavy goods vehicle" means any goods carriage, the gross vehicle weight of which exceeds 12,000 kilograms;  ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the accounts audited and furnish a report of such audit as required under section 63. (b) No Additional Deductions - Any loss, allowance or deduction allowable under the provisions of this Act, shall not be allowed against the income computed. [ Section 58(4) ] (c) The written down value of any asset used for the purposes of specified business or profession shall be computed as in section 58(2) had claimed and was actually allowed deduction in respect of depreciation thereon for each of the relevant tax years. [ Section 58(6) ] Under Section 44AE of the Income Tax Act, 1961 [ Upto 31.03.2026 ] A tax payer who owns not more than 10 goods carriage and is engaged in the business of plying, hiring or l....