where to show the rental income received on leasing of p&m,the amount received after deducting TDS @ 2%...........?
5 Replies
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 07 October 2015
You have to show it as business income but if you dont carry on business same is to be taxed as income from other sources
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 October 2015
If you are into the business of renting out such P&Ms, then under profits & gains from business/profession. If not, then under other sources.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 08 October 2015
If its a regular source of income, carried on a large scale, show it under PGBP.
Else you can treat is as Income from other sources.
RAHULSMITTAL
(Partner, V Mittal & Co)
(252 Points)
Replied 08 October 2015
Rent from Leasing of plant and machinery is always advicable to treat as profit and loss under pgbp.
Else you can also show it under other source also.
JAGANATHAN R ACMA, SAP(Fi-Co)
(Manager Accounts and Finance)
(915 Points)
Replied 10 October 2015
u can treat this income from business
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