Presumptive profits and gains of business of plying, hiring or leasing goods carriages: Clause 58 of the Income Tax Bill, 2025 vs. Section 44AE of the Income Tax Act, 1961
10 March, 2025
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Presumptive taxation for goods carriages simplifies reporting for small fleet owners while limiting deductions and requiring records. Clause 58 establishes a presumptive basis for computing profits from plying, hiring or leasing goods carriages by applying prescribed per-vehicle rates, ... Summary
Presumptive taxation for goods carriages simplifies reporting for small fleet owners while limiting deductions and requiring records.
Clause 58 establishes a presumptive basis for computing profits from plying, hiring or leasing goods carriages by applying prescribed per-vehicle rates, permitting declaration of higher actual income, allowing specified partner salary and interest deductions for firms, requiring books and audit where declared income is lower than the presumptive amount, disallowing other deductions against presumptive income, and treating written down value as if depreciation were claimed and allowed.
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