income by hiring out
This query is : Resolved
06 March 2009
a person has one motor car & he earns income by hiring out that car then in such a case such income will be shown in income from other sources?
if this is true & that person has one proprietory buisness also then the dep. on that car will be added in drawing?
if this is true & that person has one proprietory buisness also then the dep. on that car will be added in drawing?
06 March 2009
Income either will be taxable as business income or income from other sources.
He can also claim depreciation u/s 57 if the income is taxable under the head other sources.
Dep. will not be added in drawing.
He can also claim depreciation u/s 57 if the income is taxable under the head other sources.
Dep. will not be added in drawing.
06 March 2009
If the person has one business that does not mean that income from other businesses like hiring of taxies will be come under other sources.
It can be taxable as business income.
It can be taxable as business income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Copyright software
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
