Is it necessary to own a vehicle in order to show income under 44AE?
Section 44AE, Section 44AD & Section 44ADA deal with Presumptive Taxation of Business. Section 44AE is applicable for Business of plying, hiring or leasing goods carriages whereas Section 44ADA is applicable for Professionals & Section 44AD is applicable for Other Businesses. The rental expense is treated as any other expense and can be deducted from companies profit for tax purposes. The section is not applicable to individuals. PS: Advice is just for academic purposes, for legal advice, please consult a tax lawyer.