When a person carries on the business of carrying goods for hire for the whole year with 5 self-owned and 3 leasehold heavy goods vehicles, the presumptive income chargeable to tax under section 44AE would be

CS Executive · Tax Laws and Practice · PYQS · December 2015
When a person carries on the business of carrying goods for hire for the whole year with 5 self-owned and 3 leasehold heavy goods vehicles, the presumptive income chargeable to tax under section 44AE would be
(A) ₹4,80,000
(B) ₹7,20,000
(C) ₹3,96,000
(D) ₹3,36,000.

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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