Income in u/s 44ae and also bus income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2015 GOOD AFTERNOON EXPERTS,
ONE OF MY CLIENT REGULARLY FILLING THEIR RETURN IN ITR 4S(SECTION 44AE). BUT IN JULY 2014 HE PURCHASE A BUS . HIS BUS HIRED BY A COMPANY FOR CERRY THEIR EMPLOYEE.. SIR MY QUERY IS THAT CAN HE FILL THEIR RETURN IN ITR 4S BY SHOWING THEIR RETURN FROM BUS IN INCOME FROM OTHER SOURCES.IS IT CAN BE POSSIBLE PLEASE ADVICE

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

13 April 2015 Income from Bus can be shown U/s 44AD in ITR 4S by taking 8% of Gross Receipts.
.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2015 THANKS SIR VERY MUCH

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2015 sir only 1 question he purchase bus in month of november 2014. his monthly bill permonth 45000.then sir how i will calculate 8 % or above u/s 44ad detail are given below
45000*5=225000
1-225000*8/100=18000
2-will i accept. 225000 8 % income.
which one is right

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

13 April 2015 You can show 18000 or somewhat higher income.

Message likes : 1 times