05 February 2013
Sir one of my clients- Tranporter ( Partnership Firm)owns one truck & wants to file IT return. He has gross receipts of rs.24 lacs.Please advise in this regard on whatt basis to reflect Total income . TDS deducted Rs. 5400/-.
05 February 2013
In fact -in transport business -own trucks as well as other owner's trucks are run on hire. . Assuming that Rs. 24 lacs is a mix of all receipts. . Separate out the Gross receipts in respect of own truck of firm - Let it be Rs 13.00 Lac. For Own Truck Income U/s 44AE @5000 p.m . can be shown . Balance 11.00 Lac -Apply Section 44Ad - Show income @ 8% . On the combined Income of 44AE and 44AD- claim remuneration and interest to partners. .