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Amendment of section 44AE.

Clause 16 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 16 - 16. In section 44AE of the Income-tax Act, with effect from the 1st day of April, 2019,- (a) for sub-section (2), the following sub-section shall .....

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or unladen weight, as the case may be, for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher;

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been actually earned from such goods carriage, whichever is higher. ; (b) in the Explanation, for clause (a), the following clauses shall be substituted, namely:- (a) the expressions goods carriage , gross vehicle weight and unl .....

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lograms; . Clause 16 of the Bill seeks to amend section 44AE of the Income-tax Act relating to special provision for computing profits and gains of business of plying, hiring or leasing goods carriages. Sub-section (2) of the said section, .....

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ually earned by the assessee, whichever is higher, shall be deemed to be the aggregate income. It is proposed to substitute the said sub-section so as to provide that for a heavy goods vehicle, the profits and gains shall be an amount equal to one th .....

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