22 July 2019
We have given the whole plant and machinery on Rent/Lease. There are Rental Income from the tenant/lesee as against which we are claiming depreciation, employee salary, telephone and fax charges. Mobile charges, Municipal Taxes, and GST in our books of account. In such situation we have treated rental income as business income. Net Profit arrives as at Rs 63,63445 out of Gross Rental Income of Rs 64,80,000. Can we file the IT Return u/s 44-AD. 6% of 64,80,000 will arrive as at Rs 3,88,800.
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