Presumptive tax basis income to be shown u/s 44ad with 44ae
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2014
my client has owing 4 heavy goods vehicle and he given hire to Limited Companies for transportation of companies Minerals and Ores. for he get according to work order monthly payment. For transporting of goods vehicles he get exemption of TDS U/s 194C and declaring total income U/s 44AD as contract receipts declaring @8%.
Now question is he is declaring income U/s 44AD as contract receipts, is it also declaring his income u/s 44AE as he owns 4 heavy goods vehicles.
Query is he first declaring income u/s 44AD and side by side is it compulsory to declare income u/s 44AE.
please clear my query.
Now question is he is declaring income U/s 44AD as contract receipts, is it also declaring his income u/s 44AE as he owns 4 heavy goods vehicles.
Query is he first declaring income u/s 44AD and side by side is it compulsory to declare income u/s 44AE.
please clear my query.
19 November 2014
He has to declare INCOME once.
It seems that inadvertantly your client has shown it under 44AD. The correct section would have been 44AE.
It seems that inadvertantly your client has shown it under 44AD. The correct section would have been 44AE.
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