11 February 2012
Dear Sir/s, One of my client is Passenger Bus Owner he has hired the Bus with APSRTC, his gross receipts are 36 lacs and TDS 20000, please explain me the calculation of Net Income.
12 February 2012
. For arriving the Actual Net Income you have to consider all the relevant expenditures incurred which are incidental and necessary to run the bus. Expenditures like, Driver and supporting Staff Salaries, Fuel, Depreciation, Repair & Maintenance, Other Administrative expenses, Road Tax , Permit Expense, are some of these and might have been incurred by your client. . On the basis of the above Presumptive Income can be shown U/s 44AD min@8% or higher.
13 February 2012
You can show lesser profit than 8% of Gross Profit, but you have to get audited the accounts. It is better to show 8% or more. . 44AE is applicable to Goods Carriages business and not for buses .
Can we filed the return u/s.44AD @ 8% under Presumptive Business without maintaining books of accounts, the total turnover is 36 lakhs, upto how many lakhs turnover we can filed return u/s.44AD and also which ITR form needed ITR-4 or ITR4S Sugam
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