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Amendment of section 44AE || Amend the section 44AE in Finance Bill-2018 ||Income Tax Provision for Transporter
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Proposed to amend the section 44AE in Finance Bill (Amendment of section 44AE)

Clause 16 of Finance Bill-2018, In section 44AE of the Income-tax Act, This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the A.Y 2019-2020 and subsequent years,(Amendment of section 44AE)—

(a) for sub-section (2), the following sub-section shall be substituted, namely:––
“(2) For the purposes of sub-section (1), the profits and gains from each goods carriage,—

  • (i) Being a heavy goods vehicle, shall be an amount equal to 1000.00 (one thousand rupees) per ton of gross vehicle weight 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 assesses in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher;
  • (ii) Other than heavy goods vehicle, shall be an amount equal to 7500.00 (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 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 “unladen weight” shall have the respective meanings assigned to them in section 2 of the Motor Vehicles Act, 1988;
  • (aa) the expression “heavy goods vehicle” means any goods carriage, the gross vehicle weight of which exceeds 12000 kilograms;’.

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    Advocate Birbal Sharma

    Education- M.Com, LL.B, DLL, LLM Practice Courts - Rajasthan High Court, Income Tax Appellate Tribunal and Intellectual Property Right Attorney Contact Number- 09785037216 Email ID-advocatebirbalsharma@gmail.com

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    Advocate Birbal Sharma
    Tags: amend the section 44AE in Finance BillAmend the section 44AE in Finance Bill-2018Amendment of section 44AEAmendment of section 44AE-2018Clause 16 of Finance Bill-2018Income tax amendments 2018Income tax amendments in 2018Income Tax Provision for Transportersection 44ae for ay 2018-19Section 44AE of Income Tax Actsection 44ae of income tax act for ay 2018-19
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