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

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sanjoy saha (Querist)

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)

07 June 2019 for heavy vehicle you need to opt for 44AE

sanjoy saha

sanjoy saha (Querist)

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)

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)

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)

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)

01 August 2019 Thank you very much...

Amol S Joglekar

Amol S Joglekar (Expert)

01 August 2019 you are most welcome.

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