One of the expenses that taxpayers cannot claim while opting for the Presumptive Income Scheme under Section 44AE is depreciation on goods carriages. This means that taxpayers are not allowed to claim depreciation, as the presumptive income rate under Section 44AE already considers depreciation.
Therefore, taxpayers opting for the Presumptive Income Scheme u/s 44AE need not calculate and claim depreciation on their goods carriages separately. The presumptive income rate already factors in depreciation at a predetermined rate based on the type of vehicle that the taxpayer owns.