The presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year. The assessee has to file ITR-4 for presumptive income under section 44AE.

A) Light Goods Vehicle – (Gross Weight Vehicle – less than 12 MTs)-Rs. 7,500 per vehicle, per month.

B) Heavy Goods Vehicle – (Gross Weight Vehicle – more than 12 MTs) – Income will be computed at the rate of Rs. 1,000 per ton, per vehicle, per month.

Advance Tax under this scheme (section 44AE)- There is no concession as regards payment of advance tax. Hence, he will be liable to pay advance tax even if he adopts the presumptive taxation scheme of section 44AE.