Sardar Sukhdev Singh engaged in the business of plying, hiring or leasing of heavy goods carriages owned 6 vehicles during the period 1st April, 2017 to 31st March, 2018 which were given on lease for plying to GS Transpo

CS Executive · Tax Laws and Practice · PYQS · December 2018
Sardar Sukhdev Singh engaged in the business of plying, hiring or leasing of heavy goods carriages owned 6 vehicles during the period 1st April, 2017 to 31st March, 2018 which were given on lease for plying to GS Transport Company on a fixed rate of ₹5,000 p.m. per truck for whole year. He had opted to pay tax as per section 44AE of the Income Tax Act. The amount of income which shall be taken for all such trucks for the purpose of tax for Asst. Year 2018-19 is ..........
(A) ₹5,40,000
(B) ₹3,60,000
(C) ₹6,48,000
(D) ₹6,84,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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