Clause 16 - Amendment of section 44AE - Finance (No. 2) Bill, 2014

Amendment of section 44AE 16. In section 44AE of the Income-tax Act, ]with effect from the 1st day of April, 2015, (i) for sub-section (2), the following sub-section shall be substituted, namely: (2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher. ; (ii) in the Explanation, for clause (a), the following clause shall be substituted, namely: (a) the expression goods carriage shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988; [59 of 1988].