10 March 2014
there is a transporter(individual) who has its total income around 60 lakhs with no claim under 10AA or deductions of any income under C, and also he doesn't own any lorry,Nor the transporter have any commission or agency income. so,would he be covered under presumptive income or not.
If applicable,Is there other way out in which there won't be any need of tax audit, nor the transporter have to show 8% income.
11 March 2014
The assessee is an eligible assessee as per Section 44AD.
Accordingly he can show presumptive income and file ITR 4S .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
28 June 2014
What if such transporter assessee has income from more than 2 house properties..and still he wants to file itr with presumptive income, then which he needs to be file.
I mean, which ITR form is applicable to assessee having presumptive income along with more than one house property income.
Also, please let me know that will there be any tax complications, if the total income after deducting exempt income becomes less than 8% of turnover,under computation of income.
And if he files itr 4 then will such income be treated as presumptive income???