Income from business of passenger vehicles
This query is : Open
20 September 2015
Dear Sir / Madam,
I wish to know how to compute income in case of a person owning 3 passenger vehicles which he uses to transport people from one point to their offices or sometimes for tour purpose.
1) Whether his business treated as a contractor, eligible for TDS u/s 94C?
2) Whether his income is calculated on presumptive basis? if yes which section 44AD or 44AE?
3) If presumptive taxation is not applicable then?
4) Can he claim depreciation on his vehicles? Whether rate of depreciation is different for passenger vehicles?
Kindly revert.
Thanks & Regards,
Suraj
I wish to know how to compute income in case of a person owning 3 passenger vehicles which he uses to transport people from one point to their offices or sometimes for tour purpose.
1) Whether his business treated as a contractor, eligible for TDS u/s 94C?
2) Whether his income is calculated on presumptive basis? if yes which section 44AD or 44AE?
3) If presumptive taxation is not applicable then?
4) Can he claim depreciation on his vehicles? Whether rate of depreciation is different for passenger vehicles?
Kindly revert.
Thanks & Regards,
Suraj
20 September 2015
1. It is a 'work' eligible for 194C.
2. It is an 'eligible business' to opt 44AD.
3. NA.
4. NA.
2. It is an 'eligible business' to opt 44AD.
3. NA.
4. NA.
Message likes :
2 times
20 September 2015
Thanks Warrier Sir.
Sir, ITR form 4S need to be filed ??
Sir, ITR form 4S need to be filed ??
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