Income on presumptive basis
This query is : Resolved
27 December 2013
Dear Experts,
Please clear this doubt.An Individual does not owns any vehicle but carries on transport business i.e., he receives freight from companies and pays freight to the Lorry owner after deducting his service charges.Now my question is whether i can file his return on presumptive income basis u/s 44ad showing income as 8% of gross receipts.
Please clear this doubt.An Individual does not owns any vehicle but carries on transport business i.e., he receives freight from companies and pays freight to the Lorry owner after deducting his service charges.Now my question is whether i can file his return on presumptive income basis u/s 44ad showing income as 8% of gross receipts.
27 December 2013
44AE (read with 44AD for tax%) cleary states "assess, who owns...." ; ownership means the registration of the vehicle on the assessees name.
Your query should come under Business income with normal computation methodology, sicne the individual does not own the vehicles, hence deeming prov doesnt apply.
Your query should come under Business income with normal computation methodology, sicne the individual does not own the vehicles, hence deeming prov doesnt apply.
30 December 2013
Thanks,
But what abt Sec.44ad since he is not a owner of vehicles .
But what abt Sec.44ad since he is not a owner of vehicles .
30 December 2013
you can never see or apply any single section in isolation in IT ACt.
you have to read with the relevant section.
hence as said above 44AD is not applicable as 44AE is not applicable.
you have to read with the relevant section.
hence as said above 44AD is not applicable as 44AE is not applicable.
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