ITR_Query

first time income tax filing, where income is u/s 44AE

1. do i need to show depreciation in ITR4 and in accounts I&E/BS and first time Vehicle Value shown in BS as Opening Balance.

2. which columns should be filled in. as no account case is there u/s44AE

Plezse help if possible please make an screen shot.

Replies (1)

Dear.

If there is Depreciation than you must to fill this in PART A-P&L of ITR-4 and in coulmn no. 42.

also you must have to follow this in case of "no need to maintain books of account",

show Depreciation in I&E/ BS so that the right value can be in books for Income Tax Purpose.

 

 

if you dont want to take benefit of depreciation on the vehicle than you can fill coulmn no. 51 of schedule PART A-P&L of ITR-4 "no account case."

after that in Schedule BP of ITR-4 fill coulmn no. A4, and in coulmn no. A33ii. for Section 44AE.

 

if still you are having problem, than you can write here. experts will solve them.

;)


 

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