INCOME RECEIVEING FROM RENTING TRUCK

Save Share

This query is : Resolved

Quick Summary

This discussion explores how to classify income received from renting out a 16-wheel truck. The consensus is to treat it as business income, allowing for deductions such as depreciation, driver salary, fuel, and maintenance. It's recommended to declare this income separately under sections 44AD and 44AE of the Income Tax Act. The conversation also touches upon a separate GST issue regarding a previous GSTR-1 filing error and the inability to claim Input Tax Credit (ITC) for that period.

raghavendra b

raghavendra b (Querist)
Follow

23 December 2023 DEAR SIR,

ONE OF MY CLIENT DOING VIDEO AND PHOTOGRAPHY BUSINESS ITS HIS FULL TIME BUSINESS WORK AND ALSO HE PURCHASED 16 WHEEL TRUCK BY BANK LOAN.

HE RECEIVED RENT FROM THROUGH BANK ACCOUNT SO CAN I CONSIDER THIS INCOME AS FROM OTHER SOURCE OR BUSINESS INCOME IF OTHER SOURCES CAN WE DEDUCT EXPENSES LIKE DEPRECIATION, DRIVER SALARY, DIESEL EXPENSES, TOLL, PARKING EXPENSES, VEHICLE MAINTANANCE. WHERE TO DISCLOSE THIS EXPENSES IN WHILE FILING ITR.

WAITING FOR YOUR GUIDENCE

THANK YOU

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 December 2023 Consider this as business income and claim all expenses including depreciation.
You can opt for 44AE.

raghavendra b

raghavendra b (Querist)
Follow

24 December 2023 THANK YOU SIR,

SO INCOME FROM PHOTOGRAPHY AND VIDEO BUSINESS AND RENTAL INCOME BOTH DECLARE U/S 44AD AND 44AE SEPERATELY.

ANOTHER QUERY SIR, ONE OF MY CLIENT IN THE YEAR OF 2018-2019 GSTR 1 FILED AS NIL BUT SALES DECLARED IN 3B AND PAID IGST ALSO HE DID NOT UPLOAD B2B INVOICES IN THE GSTR 1. NOW THE PROBLEM IS THE RECEIVER NOW DEMANDING TO FILE GSTR 1 AND THEN HE WILL CLAIM ITC AGAINST SALES REPORTED IN THE 3B.

NOW IN THIS CASE HOW TO FILE GSTR 1 BECAUSE AMENDMENT WILL NOT POSSIBLE BECAUSE OF SALES NOT DECLARED IN B2C, IS THERE ANY FORMAT FORMS THEIR TO BE FILLED AND SUMBIT FOR CLAIMING ITC .

THANK YOU SIR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 December 2023 BOTH DECLARE U/S 44AD AND 44AE SEPERATELY.
Now at this point of time it's not possible.

raghavendra b

raghavendra b (Querist)
Follow

24 December 2023 THANK YOU FOR YOUR REPLIES,

THEN NOW HE HAS TO PAY IGST AGAIN IF HE GOING TO FILE GSTR 1 FOR THE PREVIOUS PERIODS.

DEAR SIR, ITR 1 AND ITR 4 SUGAM NOW RELEASED FROM INCOME TAX DEPARTMENT SHALL WE FILE INCOME TAX RETURNS BEFORE ENDING THE FINANCIAL YEAR.

REGARDS

THANK YOU SIR,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 December 2023 GSTR 1 for that period can't be filed now. Pay GST through DRC 03. ITC can't be claimed now'.

ITR can be filed from 1st April 2024 only.

raghavendra b

raghavendra b (Querist)
Follow

25 December 2023 Thank you Sir,

Here someone say"s ONE FORM IS THERE IF WE FILLED AND SUBMITTED THE RECEIVER COULD CLAIM ITC, LIKE HE HAS SAID TO ME STILL I AM THINKING WHAT KIND OF FORM IS LEFT TO HIS KNOWLEDGE I DONT KNOW SIR, THEREFORE I HAVE ASKED THAT QUERY IF ANY FORMAT IS LEFT BEYOND OUR KNOWLEDGE.

THANK YOU SIR

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now