Amendment of section 44AE
Amendment of section 44AE.
16. In section 44AE of the Income-tax Act, with effect from the 1st day of April, 2015,—
| (i) | for sub-section (2), the following sub-section shall be substituted, namely:— | |
| "(2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to 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 the vehicle, whichever is higher."; | ||
| (ii) | in the Explanation, for clause (a), the following clause shall be substituted, namely:— |
| '(a) | the expression "goods carriage" shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988 (59 of 1988);'. |