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Itr form submission

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Querist : Anonymous

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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?
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CA PARAS BAFNA

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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.
.
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Pankaj Gupta

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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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