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Q. > Please Help: Presumptive income u/s 44AE
Under section 44AE for Assessment year 2019-20 it is mentioned that in case of heavy goods vehicle, net income of Rs. 1000/- per ton per month on gross vehicle weight or unladen weight to be offered for Income tax purpose. I have a Heavy goods vehicle gross weight of which is 42000 kg. and unladen weight is 12000 kg. Please confirm whether income shall be Rs. 42000/- p.m. or 12000/- per month.
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nishant jain
24-Dec-2018 , 02:46:39 pmAs I am understanding that 42000 is maximum gross weight and 12000 kg is unladen weight (before loading). As per section, income shall be calculated on unladen weight. So Income shall be computed as 12000/- Month.