Regarding us 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 I have confusion assessee has business of plying medium passenger vehical ( Tata sumo,magic etc ) can I opt 44AD to declear profit and use ITR 4S ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 September 2014 yes he can be covered under 44AD

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2014 Thank you Nikhilji one more point I like to clear operating passenger vehical the expanses incurred on changing tyre tube is nature of capital or revenew ?

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 i believe tyre tube should go to normal repairs. but you can capitalize too (given that it is an essential component).