I have small business (which is not the business (let's call it business A) of plying hiring or leasing of goods carriage). For this business I need to carry goods sometime, for which I'm planning to purchase a goods carrier vehicle.
For my small business I'm opting for section 44AD.
My questions are:
1. If I use the goods carrier vehicle only for my business A's purposes, and not to rent or carry other people's goods, do I still need to consider the vehicle as a seperate source of income(7500 pm as notified in sec 44AE)?
2. Let's say that my vehicle sits idle most of the times - so I also decide to attach it with a company for few months - and thus it falls under 44AE. Now, if I do so (ply/lease the vehicle) only for say 5 months, do I need to consider it as a source of income (7500 pm) for only those five months or for the whole year?
CAclubindia
