Itr form submission

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2013 Sir,Income from JCB machine giving on hire to company received during f.y.2011-12.And company deduct tax U/s194I.Shall i use ITR-2 form to show income as income from other sources?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 January 2013 You can do so. However, you can ascertain your income by taking into account all the relevant expenses, depreciation, interest on loan etc.
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You can also show that letting out JCB Machines is your business activity. In such a case go on the presumptive basis of 8% of Gross Receipts, if your gross receipts do not exceed 60.00 lacs, you may escape from all such calculations.
In such a case you should file your return in ITR-4S.
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