Whether Heavy Goods Vehicle
iGoods vehicle
having more than 12000
kg. of gross vehicle weight
Gross Vehicle Weight (in ton)
No. of months owned
i1. In case
vehicle is used for part
of month, kindly select complete
month i.e. 1 month 1 day should be
treated as 2 months
Profit as per Sec. 44AE
Actual profit
1
0
Total
presumptive
income
u/s
44AE
Section 44AE of Income tax act states that small business engaged in the business of plying, hiring or leasing goods carriages having not more than ten goods carriage vehicles, can adopt the Presumptive taxation scheme for ascertaining the taxable income for a particular financial year. The provisions of section 44AE are applicable to all sort of assessees which include individuals, Hindu Undivided Families (HUFs) and partnership firms.
Advisory:
Information relates to the law prevailing in the year of publication/ as
indicated. Viewers are advised
to ascertain the correct position/prevailing law before relying upon any document.
Disclaimer:
The above calculator is only to enable public to have a quick and an easy access to basic tax
calculation and does not purport to give correct tax calculation in all circumstances. It is advised
that for filing of returns the exact calculation may be made as per the provisions contained in the
relevant Acts, Rules etc.
