Mr. Ramanad, engaged in the business of plying, hiring or leasing of goods carriers as on 1st April, 2018 was having 3 trucks of gross vehicles weight of less than 12,000 kgs each. One truck out of these 3 trucks was sol
CS Executive · Tax Laws · PYQS · December 2019
Mr. Ramanad, engaged in the business of plying, hiring or leasing of goods carriers as on 1st April, 2018 was having 3 trucks of gross vehicles weight of less than 12,000 kgs each. One truck out of these 3 trucks was sold by him on 23rd July, 2018 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, 2018. 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. 2019-20 from plying of these vehicles during the previous year ended on 31st March, 2019.
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act, 1961
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