Hiring of bus with apsrtc
This query is : Resolved
11 February 2012
Dear Sir/s,
One of my client is Passenger Bus Owner he has hired the Bus with APSRTC, his gross receipts are 36 lacs and TDS 20000, please explain me the calculation of Net Income.
Thanks in Advance Sir
One of my client is Passenger Bus Owner he has hired the Bus with APSRTC, his gross receipts are 36 lacs and TDS 20000, please explain me the calculation of Net Income.
Thanks in Advance Sir
12 February 2012
.
For arriving the Actual Net Income you have to consider all the relevant expenditures incurred which are incidental and necessary to run the bus. Expenditures like, Driver and supporting Staff Salaries, Fuel, Depreciation, Repair & Maintenance, Other Administrative expenses, Road Tax , Permit Expense, are some of these and might have been incurred by your client.
.
On the basis of the above Presumptive Income can be shown U/s 44AD min@8% or higher.
For arriving the Actual Net Income you have to consider all the relevant expenditures incurred which are incidental and necessary to run the bus. Expenditures like, Driver and supporting Staff Salaries, Fuel, Depreciation, Repair & Maintenance, Other Administrative expenses, Road Tax , Permit Expense, are some of these and might have been incurred by your client.
.
On the basis of the above Presumptive Income can be shown U/s 44AD min@8% or higher.
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13 February 2012
Dear Sir,
Can we show the Net Income less than 8% as it is not retail business or shall we declare monthly income of Rs.5000/- p.m u/s. 44AE
Thanks in advance sir
Can we show the Net Income less than 8% as it is not retail business or shall we declare monthly income of Rs.5000/- p.m u/s. 44AE
Thanks in advance sir
13 February 2012
You can show lesser profit than 8% of Gross Profit, but you have to get audited the accounts. It is better to show 8% or more.
.
44AE is applicable to Goods Carriages business and not for buses .
.
44AE is applicable to Goods Carriages business and not for buses .
13 February 2012
Yes Mr. Shaik Ali,
you shall opt for Sec 44AD, and file your return at 8% profit.
you shall opt for Sec 44AD, and file your return at 8% profit.
17 February 2012
Dear Sir,
Can we filed the return u/s.44AD @ 8% under Presumptive Business without maintaining books of accounts, the total turnover is 36 lakhs, upto how many lakhs turnover we can filed return u/s.44AD and also which ITR form needed ITR-4 or ITR4S Sugam
Thanks in advance sir
Can we filed the return u/s.44AD @ 8% under Presumptive Business without maintaining books of accounts, the total turnover is 36 lakhs, upto how many lakhs turnover we can filed return u/s.44AD and also which ITR form needed ITR-4 or ITR4S Sugam
Thanks in advance sir
17 February 2012
Upto Gross Receipts /Turnover of Rs 60.00 lacs you can file the return in ITR 4S on presumptive basis.
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