MY CLIENT OWNED HEAVY GOODS VEHICLE (16WHEELS) AND ATTATCHED TO THE COMAPNY. THE COMPANY DID NOT DEDUCT TDS U/S 194C BUT IN FORM 26AS SHOWING BUSINESS RECEIPT OF RS 64300. BUT AS PER SECTION TDS SHOULD DEDUCTED IF THE CONTRACT BETWEEN THE CLIENT AND COMPANY. IS THERE ANY PROBLEM TO CLIENT OR NOT MY CLIENT ALSO DOING OTHER MAIN BUSINESS PHOTOGRPHY AND VIDEOGRAPHY.
THE INCOME FROM CONTRACT HIRED FROM THE COMPANY SHOULD BE DECLARED IN OTHER SOURCE OR BUSINESS INCOME.
Hire charges received from the company is taxable under business head or other sources because he is doing video and photography for marriage and functional accassions or if declared u/s 44ae of presumptive taxasation but he is not doing transport business only renting his vehicle.
HE HAS TO DECLARE BUSINESS 1 PHOTOGRAPHY AND BUSINESS 2 AS HIRING CHARGES RECEIVED FROM THE COMPANY.
HE CAN ALSO DEDUCT EXPENSES LIKE REPAIRS AND MAINTANANCES, LOAN TAKEN ON VEHICLE, OIL AND DIESEL EXPENSES, BECAUSE MONTHLY HE RECEIVED HIRING CHARGES RS 65000/- MONTHLY HE HAS PAYABLE EMI 53178/- ONLY INTEREST IS DEDUCTABLE EXPENSES.
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