Please resolve my query
A person is a commission agent who books lorries on behalf of other transporters and receives payment. TDS is deducted u/s 194C and reflected in his 26AS. He makes payment from his account to the other party and keeps only the commission for the service rendered.
How he will be treated?
Whether he is allowed to opt u/s 44AE or he should go u/s 44AD ?
Now here comes an issue with section 44AE as this section shall be opted only in case transporter owned the truck.
But here in my case the person doesn't owned any truck. Also, on portal, while declaring Income u/s 44AE, there is this drop down option to select whether the truck is owned/ leased/ hired. So if I select hired truck form that option and declare the said income u/s 44AE, would it be correct or not?
Or should this Income be declared under Other Source?
Please guide me....
CAclubindia
