Income from Car lease and tDS deducted under section 194IA

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SHIVANI RASTOGI (Querist)
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25 September 2021 Could you please confirm where to reflect income received from Car lease & tDS deducted under section 194IA, if I treat it as a Business income then what will be the nature of business code

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 Declare it under head PGBP; code '08001' ...

SHIVANI RASTOGI

SHIVANI RASTOGI (Querist)
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25 September 2021 Thankyou Sir, please confirm code 08001 under 44AD as this code cover 44AD/AE?
Is it necessary to fill BS or its ok if we fill no account case in BS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 Though code '08001' pertains to both sec 44AD & 44AE; but car being passenger vehicle, can only be assessed under sec.44AD (under presumptive assessment). Not being goods vehicle cannot be declared under sec.44AE of the act.
No need of filling P&L & BS, when assessed under sec. 44AD of the act, but fill column 6 in BS & mandatory details in P&L acc...

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