1) income from water supply
2) income from tractor (if assessee has only 1 truck & no other income then under 44ae income is too low then what we have to do)??
profits and gains from business and profession.
13 Replies
Priya Kashyap
(Student)
(7053 Points)
Replied 16 March 2019
before that what is your source of income
Hardik Shah
(Tax Consultant)
(85 Points)
Replied 16 March 2019
Income from water supply and Tracor will come under income from Business and can be filed u/s 44ad and if one truck income will come u/s 44ae
Gitesh Khona
(student)
(290 Points)
Replied 16 March 2019
Truck income cannot be declared under 44AD. Should opt for 44AE.
NIKITA ARORA
(46 Points)
Replied 16 March 2019
no, tractor is not given on rent/hire. assessee runs tractor himself
pramud
(Chartered Accountant)
(39 Points)
Replied 16 March 2019
44ab and 44ae can not be taken both at a same time
montee Idaiyar
(other)
(341 Points)
Replied 16 March 2019
Yes, no restriction, but both businesses should be different!
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