Income under section 194c

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04 August 2013 Can an assessee claim deduction for expenses actually incurred in earning income u/s 194C?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 Sec.194C is the tds section and nature of business is Contract and sub contract. so please mention the correct nature of business

Guest

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04 August 2013 whether any expense suchas interest on loan procured for rendering services under contract can be claimed u/s 194C?

And such income should be shown as other sources or Business Income?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 I am replying the same.Sec.194C is the tds section,not defining any expenses claim details in that section. incase you are doing business and interest on loan taken for the purpose of business is allowable deduction under Business income

Incase you are having income other than Business, then related expenses for the particular income is allowable

Guest

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04 August 2013 the business is of transport wherein the assessee is receiveing income u/s 194c i.e contract charges..
he has taken loan for vehicles..
the assessee in previous years has shown the same income as other sources...thereby filing ITR 2

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 You cannot show your income as other sources, it is business income and also need to file ITR-4 and claim your interest expenses and also you are covered under sec.44AE if you are having goods carriages less than 10

Guest

Guest (Querist)

04 August 2013 Thank You Sir...