Find
Sec 44AE applies to those owning up to 10 goods carriages at any time in the year. Income for a heavy goods vehicle is ₹1,000 per ton of gross vehicle weight per month, and ₹7,500 per month for other goods vehicles, or higher actual income.
ITR
Presumptive income for truck owners
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Provisions
Sec 44AE (now Sec 58)
Analysis
For 3 heavy trucks of 25 tons each owned all year, income is 3 x 25 x ₹1,000 x 12, which is ₹9,00,000. For a light goods vehicle owned for 8 months, it is ₹7,500 x 8, which is ₹60,000. Part of a month counts as a full month. Keep the registration certificates showing gross vehicle weight.
Close
- List each vehicle, its gross vehicle weight and months owned
- Apply ₹1,000 per ton per month or ₹7,500 per month
- Total the income and compare with actual
- Enter vehicle details in Schedule BP
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