India - Income Tax Act 2010 - Saarc

1.291 CH. IV - COMPUTATION OF BUSINESS INCOME S. 44AE(ii) whose total turnover or gross receipts in the previous year does notexceed an amount of 96a [sixty lakh rupees].97[Special provision for computing profits and gains of business of plying, hiringor leasing goods carriages.44AE. (1) Notwithstanding anything to the contrary contained in sections 28to 43C, in the case of an assessee, who owns not more than ten goodscarriages 98 [at any time during the previous year] and who is engaged in thebusiness of plying, hiring or leasing such goods carriages, the income of suchbusiness chargeable to tax under the head “Profits and gains of business orprofession” shall be deemed to be the aggregate of the profits and gains, from allthe goods carriages owned by him in the previous year, computed in accordancewith the provisions of sub-section (2).(2) For the purposes of sub-section (1), the profits and gains from each goodscarriage,—(i) being a heavy goods vehicle, shall be an amount equal to 99 [threethousand five hundred] rupees for every month or part of a monthduring which the heavy goods vehicle is owned by the assessee in theprevious year or, as the case may be, an amount higher than theaforesaid amount as declared by him in his return of income;(ii) other than a heavy goods vehicle, shall be an amount equal to 1 [threethousand one hundred and fifty] rupees for every month or part of amonth during which the goods carriage is owned by the assessee inthe previous year or, as the case may be, an amount higher than theaforesaid amount as declared by him in his return of income.The following sub-section (2) shall be substituted for the existing sub-section (2)of section 44AE by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2011 :(2) For the purposes of sub-section (1), the profits and gains from each goodscarriage,—(i) being a heavy goods vehicle, shall be an amount equal to five thousandrupees for every month or part of a month during which the heavygoods vehicle is owned by the assessee in the previous year or anamount claimed to have been actually earned from such vehicle,whichever is higher;(ii) other than a heavy goods vehicle, shall be an amount equal to fourthousand five hundred rupees for every month or part of a monthduring which the goods carriage is owned by the assessee in theprevious year or an amount claimed to have been actually earned fromsuch vehicle, whichever is higher.96a. Shall be substituted for the words “forty lakh rupees” by the Finance Act, 2010, w.e.f.1-4-2011.97. Inserted by the Finance Act, 1994, w.e.f. 1-4-1994. See also Circular No. 737, dated23-2-1996. For details, see Taxmann’s Master Guide to Income-tax Act.98. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.99. Substituted for “two thousand” by the Finance Act, 2002, w.e.f. 1-4-2003.1. Substituted for “one thousand eight hundred”, ibid.