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Manish Kumar (Querist)
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25 December 2010 i want to know that which itr form is to be filled for the income from rent of generator and rate of tds applicable on it.

CA. R. B. SAH

CA. R. B. SAH (Expert)
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25 December 2010 if assessee is engaged in the business of renting generator then ITR4 SHALL be filed.

iF Renting of Generator is not his business, then ITR-2 SHALL BE filed.

TDS Rate will be 2%.

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Manish Kumar

Manish Kumar (Querist)
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25 December 2010 sir, the assessee is an female and is having only one source of income from rent of generator and this service is provided only to one nationalised bank branch so which itr form should be filled.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 December 2010 In case the assessee is carrying on no other activity other than letting of generator then the income arising from it should be shown under the head of "Income From Other Sources" and as such Form No 2 has to be filed .

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Manish Kumar

Manish Kumar (Querist)
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05 January 2011 But why not itr 4

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 January 2011 Of course. You may file ITR-4 but in that case you have to show it as Business Income by preparing Income & Expenditure A/c and Balance Sheet of the assessee.

Unnecessarily we should not increase the burden of assessee as well as of ours.
Act specifically provides you short-cut that's why Form No 2 is a better option.

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