Heavy vehicles rent income in itr - 3 for a.y 2019-20

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sanjoy saha (Querist)
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06 June 2019 Sir, I have a Client who have income from Sale and Also Having Income from Heavy Vehicles & Equipment Hire Charges. Now i need to know that can I show the Hire Charges Income with the Sale in Profit and Loss A/c?? and How to show the Hire Charges income in ITR - 3?? One more thing - Can i Calculate More than 8 % profit on Sale + Hire Charges Income??

Amol S Joglekar

Amol S Joglekar (Expert)
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07 June 2019 for heavy vehicle you need to opt for 44AE

sanjoy saha

sanjoy saha (Querist)
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10 June 2019 Sir, I am asking for account preparation not for ITR Return Preparation. Please Help me on the topic for Accounts Preparation.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 June 2019 Your query has the words ITR-3......what does that ITR-3 mean? Do you mean ITR = Accounts?

sanjoy saha

sanjoy saha (Querist)
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31 July 2019 Sir, I already asked in my question that "can I show the Hire Charges Income with the Sale in Profit and Loss A/c??" I mean can i take both sale and hire charges income together in Profit and Loss A/c when i prepare the account?

Amol S Joglekar

Amol S Joglekar (Expert)
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31 July 2019 if you want to opt for 44AE, then show it separately. Else you can club it together

sanjoy saha

sanjoy saha (Querist)
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01 August 2019 Thank you very much...

Amol S Joglekar

Amol S Joglekar (Expert)
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01 August 2019 you are most welcome.

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