10 May 2016
Whether the income received from such business from ola/uber is exempt or taxable? The tds is being deducted by them. Does self assessment tax needs to be paid on same while filing itr? If exempt how should the income be shown in return & under which section?
10 May 2016
Your question is unclear. This is not understandable what you want to say. In both the cases of ola and its driver, income will be taxable under the head business & profession.
10 May 2016
Yes, The income received from OLA/UBER is taxable under the head business income. If any tax payable is coming at the end of the year after adjusting all the TDS deduct by them, then YES you have to pay self assessment tax. And moreover if your total tax liability is more than Rs 10,000 or more in a financial year, then you have to calculate & pay advance tax in that year as per current income tax law.
CAclubindia
