Income from business or other source

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2012 A assessee has purchased a car and given it on rent to a company (CARZONRENT INDIA PRIVATE LIMITED)my query is that whether it is a income from business or other source. Company had deducted TDS U/s 194C.
if it is other source which expenses are allowable

Amol S Joglekar

Amol S Joglekar (Expert)
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29 July 2012 In both the cases the expenses allowable are same. If you are sure tocontinue this business for a long period of time, show it under business income.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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29 July 2012 If the assessee is transport operator or travel agent or he would like to treat it as Business then it is business income and liable to offer income according to section 44AE.

Otherwise if he has any other main sources of i.e offering under business income or he didn't want to offer under business income then offer under other sources of income eventhough TDS deducted under 194C.

OM SAI SRI SAI JAI JAI SAI

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