Search Results For: Goods carriages -Computation provisions are not applicable when presumptive income is adopted u/s. 44AE


QUERY: A is having four tank lorries. He submits his Income-tax Return under presumptive scheme u/s. 44AE. Whether he can pay amount up to rupees two lakh in cash for his high speed diesel (HSD) bills?
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Section 44AE with non obstante clause to ensure that computation provisions do not have application. Hence section 40A(3) and (3A) will have no application. Therefore, where presumptive income is adopted, the question of judging the correctness of expenses cannot arise