Itr-4(sugam)
This query is : Resolved
Manoj Prasad
(Querist)
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
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
(Expert)
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.
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.
13 July 2015
for Query 1 to 3 - yes you can
For 4 - always good to maintain Books of accounts to avoid future hassles.
For 4 - always good to maintain Books of accounts to avoid future hassles.
Manoj Prasad
(Querist)
14 July 2015
What is allowable amount per heavy vehicles for F.Y.2014-15
Amol S Joglekar
(Expert)
14 July 2015
44AE specifies the INCOME limit and not the expenditure.
Manoj Prasad
(Querist)
14 July 2015
Sir, Amol S Joglekar
I Please let me know the allowable income as per 44AE per heavy vehicle.
I Please let me know the allowable income as per 44AE per heavy vehicle.
Amol S Joglekar
(Expert)
14 July 2015
https://www.incometaxindia.gov.in/Pages/acts/income-taxaspx-act
please follow this link....
please follow this link....
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