13 July 2015
A person is having 4-heavy vehicles, and is engaged in hiring business..I want to know 1-can he file ITR-4(SUGAM) 2-can he claim deduction for LIC Premium paid by him. 3-can he claim deduction u/s 80TTA for interest received on saving account. 4-does he need do maintain any books of accounts 5-can he claim for depreciation on vehicles.
13 July 2015
01. yes 02. yes 03. yes 04. If he files the return under section 44AE, then Income Tax Dept will not ask for the books of accounts. (It is always advisable to maintain books of accounts for OWN self) 05. if he opts for 44AE, the question of depreciation does not arise.
CAclubindia
