Section 44AE
This query is : Resolved
15 March 2010
A assessee receiving a salary of Rs.25000/- p.m is only source of income, perhaps he aviled a car loan of Rs. 650000/- and bought a new car and gives the car running on hire at a monthly hire charges of for Rs. 25000/-.
Query:
1. Whether the one car running on hire is taxable on presumptive basis u/s 44AE? if yes, it is mandatory for the assessee to register his proprietory business and obtain a PAN?
2. Rs. 25000 p.m is actual hire charges recieved by the assessee, whether this should be taxable or Rs. 1250/- p.m. U/s 44AE taken into account?
3. If assessee shows his hire income under other sources and claim related expenses, it is permissible?
Query:
1. Whether the one car running on hire is taxable on presumptive basis u/s 44AE? if yes, it is mandatory for the assessee to register his proprietory business and obtain a PAN?
2. Rs. 25000 p.m is actual hire charges recieved by the assessee, whether this should be taxable or Rs. 1250/- p.m. U/s 44AE taken into account?
3. If assessee shows his hire income under other sources and claim related expenses, it is permissible?
15 March 2010
one car running on hire is taxable on presumptive basis u/s 44AE.
It is not mandatory for the assesses to register his proprietary business and obtain a PAN if his taxable income is less then basic exemption limit ie 1,60,000/-.
your income in u/s 44AE is - 3150*12=37800/- but u have salary income also because of that u/h PGBP show income of Rs. 37,800/-. if you want to show below income then u want to prepare books if A/cs and Tax Audit.
If u want to show IOS it's not permissible as per my opinion.
It is not mandatory for the assesses to register his proprietary business and obtain a PAN if his taxable income is less then basic exemption limit ie 1,60,000/-.
your income in u/s 44AE is - 3150*12=37800/- but u have salary income also because of that u/h PGBP show income of Rs. 37,800/-. if you want to show below income then u want to prepare books if A/cs and Tax Audit.
If u want to show IOS it's not permissible as per my opinion.
17 March 2010
Since the assessee recieves actual hire charges Rs. 25000 p.m, in this case whether actual receipt amount should be taken or it can taken on presumptive basis ie., Rs. 3150 p.m
17 March 2010
assessee recieves actual hire charges Rs. 25000 p.m is not imported because of no expense and dep. is allowed, so this case actual receipt amount should be not taken.
It can taken on presumptive basis ie., Rs. 3150 p.m
It can taken on presumptive basis ie., Rs. 3150 p.m
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
