Income from ola taxi can covered under section 44ad ?
This query is : Resolved
26 May 2017
1.INCOME FROM OLA TAXI CAN COVERED UNDER SECTION 44AD ?
2. AND THE ASSESSEE CAN FILE A ITR 4S?
3 IF HE HAS FILED LAST YEAR ITR 4 , SO WHETHER HE CAN FILE ITR 4S FOR THIS F.Y. 2016-17 ?
PLEASE GUIDE US
2. AND THE ASSESSEE CAN FILE A ITR 4S?
3 IF HE HAS FILED LAST YEAR ITR 4 , SO WHETHER HE CAN FILE ITR 4S FOR THIS F.Y. 2016-17 ?
PLEASE GUIDE US
27 May 2017
Yes income from taxi can be shown under section 44Ad by declaring minimum 8% net profit but no separate deduction for depreciation will be allowed.
27 May 2017
This year there is no ITR 4S. Previous year's ITR 4S has now become ITR4. So you can income from OLA under section 44AD by filing ITR 4.
27 May 2017
thanx a lot for all for quick reply. Thanx CAclubindia
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