What is presumptive taxation scheme (PTS) for transporters?
The PTS is available for persons who are engaged in the business of transport (plying and hiring) through goods vehicles and own 10 or lesser number of vehicles. In such cases, the taxable income shall be computed as follows:
- In case of Heavy Goods Vehicle (the gross vehicle weight exceeds 12 tons) the taxable income shall be Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year.
- In case of vehicles other than heavy goods vehicle, the income shall be Rs. 7,500 for every month or part of the month during which the goods carriage is owned by the assessee in the previous year.