# The Finance Act, 2014, Section 16: Amendment of section 44AE

- Act: The Finance Act, 2014 (Act 25 of 2014)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2014/section/16/

## Text

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);'. © Copyright. Taxmann Publications Pvt. Ltd.

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