Itr-4(sugam)

This query is : Resolved

Manoj Prasad (Querist)
Follow

13 July 2015 A person is having 4-heavy vehicles, and is engaged in hiring business..I want to know
1-can he file ITR-4(SUGAM)
2-can he claim deduction for LIC Premium paid by him.
3-can he claim deduction u/s 80TTA for interest received on saving account.
4-does he need do maintain any books of accounts
5-can he claim for depreciation on vehicles.

Please advice
Thanks & Regards

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

13 July 2015 01. yes
02. yes
03. yes
04. If he files the return under section 44AE, then Income Tax Dept will not ask for the books of accounts. (It is always advisable to maintain books of accounts for OWN self)
05. if he opts for 44AE, the question of depreciation does not arise.

CMA Gul S

CMA Gul S (Expert)
Follow

13 July 2015 for Query 1 to 3 - yes you can
For 4 - always good to maintain Books of accounts to avoid future hassles.

Manoj Prasad

Manoj Prasad (Querist)
Follow

14 July 2015 What is allowable amount per heavy vehicles for F.Y.2014-15

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

14 July 2015 44AE specifies the INCOME limit and not the expenditure.

Manoj Prasad

Manoj Prasad (Querist)
Follow

14 July 2015 Sir, Amol S Joglekar
I Please let me know the allowable income as per 44AE per heavy vehicle.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

14 July 2015 https://www.incometaxindia.gov.in/Pages/acts/income-taxaspx-act

please follow this link....

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Pavithra Doss

vinal

CA. Urmila Mahalwal

zafar chandwale

Suranjan Das

Subscribe Now

Itr-4(sugam)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA