Not opted 44AE even less than 10 trucks
audit of trucks plying business less than 10- one of the clients has 5 trucks if we opted 44AE than income cross Rs 11 lac which is very higher than real profit house property Rs 1.50 lac rent received Karyana shop 860415 / 78940 profit
if we decide to go for AUDIT, in that case, no document of freight ability, no proper invoicing, no other document available with us rather than bank statement of saving account transaction of trucks freight Rs 74 lac approximately
In above scenario, 99% assessees have no other option except audit their books of accounts and at the same time 99% of them don’t have sufficient supporting records for audit. The irony is when we prepare books of accounts using Bank statements, most probable scenario is, either GTI is under 2.5 Lakhs or there is loss therefore assessees whose turnover was less then 1Cr and have GTI less than 2.5L or having loss, are not require to get their accounts audit u/s 44AB of IT Act,1961 but in this case we have to file return along with BS/PL Schedules. So i actually don’t know what will be the fate of assessee’s covered under 44AE. But one thing is sure govt didn’t done any ground level homework before implementing the same. how can govt suddenly imposed 10 time tax on an unorganized sector.
Thanks! sir for your prompt reply. Previously assessee filed ITR US 44AE 44AD
some one please suggest. If go for audit for (trucks 5 and small karyana shop) what documents required? or how can fabricate? from 5 trucks US 44 AE tax liability is more than real profit.
previously assesse had opted presumtive scheme US 44AE and US 44AD (shop)