JCB machine income can covered US 44ad or US 44ae


This query is : Resolved 

Quick Summary
This discussion clarifies that income earned from hiring out a JCB machine to individuals typically falls under Section 44AD of the Income Tax Act, which deals with presumptive taxation for businesses. Section 44AE is specifically for goods carriages. If the income is declared under the business head and there's no formal rental contract, opting for Section 44AD is generally appropriate, and TDS would usually be deducted under this section.

26 July 2024 income earned form JCB machine on hire basis to individual can be covered US 44AD or 44AE

26 July 2024 Under which section TDS has been deducted?

Manish (Expert)
26 July 2024 Under section 44AD. 44AE is for goods carriages.

26 July 2024 no tds deducted, worked for individual in previous year

26 July 2024 Generally declared under business head, if no rental contract. So, one can opt for Sec. 44AD IT act.

26 July 2024 Thank you very much SIR

26 July 2024 You are welcome.


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