TMI BlogUrgent clarification regarding amendment in section 44AE of the Income Tax Act, 1961 (Act).X X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, Subject: Urgent clarification regarding amendment in section 44AE of the Income Tax Act, 1961 (Act)-reg. Kindly refer to your e-mail dated 05.08.2019 on the above mentioned subject. 2. Vide the above referred letter, it has been requested by the All India Motor Transport Congress (AIMTC) to clarify whether which of the following has to be considered while calculating the presumptive income u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riage will be as per the definition in the Motor Vehicles Act, 1988. The Motor Vehicles Act. 1988 defines the said terms as below: Section 2(14)- goods carriage means any motor vehicle constructed or adapted for use solely for the carriage of goods, or any motor vehicle not so constructed or adapted when used for the carriage of goody: Sec 2(15)- gross vehicle weight means in respect of any vehicl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny goods carriage the gross vehicle weight of which, or a tractor or a road-roller the unladen weight of either of which, exceeds 12,000 kilograms: 6. The above definitions make it clear that the assessees will have to compute the profits and gains of business under section 44AE of the Act on the basis of above definitions. It means that in respect of a heavy goods vehicle i.e. all goods carriage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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