Income from Car lease and tDS deducted under section 194IA
This query is : Resolved
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
25 September 2021
Declare it under head PGBP; code '08001' ...
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
Is it necessary to fill BS or its ok if we fill no account case in BS
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...
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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