Income from business & profession
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2012
hai..
Plz anyone help me..
my uncle is having two taxies
one he is using I mean he is driving
and another he gave for rent
he is receiveing rent from taxi that we can show as income from rent received
In income frm business n profession we can show is income as income from taxi and rent from taxi
he as taken these two taxies on loan
so can we take the emi and interest as deductions and what about depriciation
Plz reply me its urgent I have to file return
Plz anyone help me..
my uncle is having two taxies
one he is using I mean he is driving
and another he gave for rent
he is receiveing rent from taxi that we can show as income from rent received
In income frm business n profession we can show is income as income from taxi and rent from taxi
he as taken these two taxies on loan
so can we take the emi and interest as deductions and what about depriciation
Plz reply me its urgent I have to file return
28 July 2012
Rent received from other Taxi can show as Income from other sources.apart from this, he is using the other Taxi for its own use hence, should be shown as PGBP.If the assessee is maintaining Books of Account then You can claim depreciation on Taxi & Interest paid for the Taxi in Profit & Loss Account.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
