Itr form submission
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2013
Sir,Income from JCB machine giving on hire to company received during f.y.2011-12.And company deduct tax U/s194I.Shall i use ITR-2 form to show income as income from other sources?
CA PARAS BAFNA
(Expert)
25 January 2013
You can do so. However, you can ascertain your income by taking into account all the relevant expenses, depreciation, interest on loan etc.
.
You can also show that letting out JCB Machines is your business activity. In such a case go on the presumptive basis of 8% of Gross Receipts, if your gross receipts do not exceed 60.00 lacs, you may escape from all such calculations.
In such a case you should file your return in ITR-4S.
.
.
You can also show that letting out JCB Machines is your business activity. In such a case go on the presumptive basis of 8% of Gross Receipts, if your gross receipts do not exceed 60.00 lacs, you may escape from all such calculations.
In such a case you should file your return in ITR-4S.
.
Message likes :
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Pankaj Gupta
(Expert)
25 January 2013
Very well explanation by the expert. I totally agree with him .
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