Income Tax Act, 2025
Section 3: Ins. by s. 27, ibid. (w.e.f. 12017).
3. Ins. by s. 27, ibid. (w.e.f. 12017).
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(3) The written down value of any asset used for the purposes of profession shall be deemed to have
been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of
the depreciation for each of the relevant assessment years.
(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who
claims that his profits and gains from the profession are lower than the profits and gains specified in
sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to
income-tax, shall be required to keep and maintain such books of account and other documents as
required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as
required under section 44AB.]
1[44AE. Special provision for computing profits and gains of business of plying, hiring or
leasing goods carriages.—(1) Notwithstanding anything to the contrary contained in sections 28 to 43A,
in the case of an assessee, who owns not more than ten goods carriages 2[at any time during the previous
year] and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of
such business chargeable to tax under the head “Profits and gains of business or profession” shall be
deemed to be the aggregate of the profits and gains, from all the goods carriages owned by him in the
previous year, computed in accordance with the provisions of sub-section (2).
3[(2) For the purposes of sub-section (1), the profits and gains from each goods carriage,—
(i) being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross
vehicle weight or unladen weight, as the case may be, for every month or part of a month during
which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to
have been actually earned from such vehicle, whichever is higher;
(ii) other than heavy goods vehicle, 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 such goods carriage,
whichever is higher.]
(3) Any deduction allowable under the provisions of sections 30 to 38shall, for the purposes of
sub-section (1), be deemed to have been already given full effect to and no further deduction under those
sections shall be allowed:
4[Provided that where the assessee is a firm, the salary and interest paid to its partners shall be
deducted from the income computed under sub-section (1) subject to the conditions and limits specified in
clause (b) of section 40.]
(4) The written down value of any asset used for the purpose of the business referred to in sub-section
(1) shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed
the deduction in respect of the depreciation for each of the relevant assessment years.
(5) The provisions of sections 44AA and 44ABshall not apply in so far as they relate to the business
referred to in sub-section (1) and in computing the monetary limits under those sections, the gross receipts
or, as the case may be, the income from the said business shall be excluded.
5[(6) Nothing contained in the foregoing provisions of this section shall apply, where the assessee
claims and produces evidence to prove that the profits and gains from the aforesaid business during the
previous year relevant to the assessment year commencing on the 1st day of April, 1997 or any earlier
assessment year, are lower than the profits and gains specified in sub-sections (1) and (2), and thereupon
the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee and
determine the sum payable by the assessee on the basis of assessment made under sub-section (3) of
section 143.]
The written down value of any asset used for the purposes of profession shall be deemed to have
been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of
the depreciation for each of the relevant assessment years.
Notwithstanding anything contained in the foregoing provisions of this section, an assessee who
claims that his profits and gains from the profession are lower than the profits and gains specified in
sub-section
and whose total income exceeds the maximum amount which is not chargeable to
income-tax, shall be required to keep and maintain such books of account and other documents as
required under sub-section
of section 44AA and get them audited and furnish a report of such audit as
required under section 44AB.]
1[44AE. Special provision for computing profits and gains of business of plying, hiring or
leasing goods carriages.—
Notwithstanding anything to the contrary contained in sections 28 to 43A,
in the case of an assessee, who owns not more than ten goods carriages 2[at any time during the previous
year] and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of
such business chargeable to tax under the head “Profits and gains of business or profession” shall be
deemed to be the aggregate of the profits and gains, from all the goods carriages owned by him in the
previous year, computed in accordance with the provisions of sub-section
For the purposes of sub-section
being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross
vehicle weight or unladen weight, as the case may be, for every month or part of a month during
which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to
have been actually earned from such vehicle, whichever is higher;
other than heavy goods vehicle, 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 such goods carriage,
whichever is higher.]
Any deduction allowable under the provisions of sections 30 to 38shall, for the purposes of
sub-section
subject to the conditions and limits specified in
clause
of section 40.]
The written down value of any asset used for the purpose of the business referred to in sub-section
shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed
the deduction in respect of the depreciation for each of the relevant assessment years.
The provisions of sections 44AA and 44ABshall not apply in so far as they relate to the business
referred to in sub-section
and in computing the monetary limits under those sections, the gross receipts
or, as the case may be, the income from the said business shall be excluded.
5[
Nothing contained in the foregoing provisions of this section shall apply, where the assessee
claims and produces evidence to prove that the profits and gains from the aforesaid business during the
previous year relevant to the assessment year commencing on the 1st day of April, 1997 or any earlier
assessment year, are lower than the profits and gains specified in sub-sections
and
of
section 143.]