Mr. Ramanad, engaged in the business of plying, hiring, or leasing of goods carriers as of 1st April 2020 was having 3 trucks of gross vehicles weight of fewer than 12,000 kgs. each. One truck out of these 3 trucks was sold by him on 23rd July 2020 and after its sale, 2 more trucks (1 of less than 12,000 kgs. and 1 of 16,900 kgs.) were purchased on 5th September 2020. He wants to declare the income of trucks as per provisions of section 44AE of the Act and be required to declare such income at ₹ in the return for A.Y. 2021 – 22 from plying of these vehicles during the previous year ended on 31st March 2020.
Question:Mr. Ramanad, engaged in the business of plying, hiring, or leasing of goods carriers as of 1st April 2020 was having 3 trucks of gross vehicles weight of fewer than 12,000 kgs. each. One truck out of these 3 trucks was sold by him on 23rd July 2020 and after its sale, 2 more trucks (1 of less than 12,000 kgs. and 1 of 16,900 kgs.) were purchased on 5th September 2020. He wants to declare the income of trucks as per provisions of section 44AE of the Act and be required to declare such income at ₹ in the return for A.Y. 2021 – 22 from plying of these vehicles during the previous year ended on 31st March 2020.
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