Query related to ITR-4
This query is : Resolved
19 March 2010
One person is having a luxury bus and
he is also having a truck(heavy lorry)
in partnership with his freind.
His income doesn exceed the exemption
limit but he wants to file return.
Now, I have got a query as to how this
thing to be dealt with.
Should he consider his luxury car as vehicle as defined u/s 44AE? What should be done
about the truck which is in partnership of
50%?
Kindly reply urgently.
Bhargav
9879305799
he is also having a truck(heavy lorry)
in partnership with his freind.
His income doesn exceed the exemption
limit but he wants to file return.
Now, I have got a query as to how this
thing to be dealt with.
Should he consider his luxury car as vehicle as defined u/s 44AE? What should be done
about the truck which is in partnership of
50%?
Kindly reply urgently.
Bhargav
9879305799
19 March 2010
sec.44AE is not applicable to luxury bus.
For Truck take 50% income as prescribed u/s 44AE if the truck is in joint name. If it is in the name of partnership firm, then file the return of partnership separately.
For Truck take 50% income as prescribed u/s 44AE if the truck is in joint name. If it is in the name of partnership firm, then file the return of partnership separately.
19 March 2010
agree
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- Salary from Qatar in Dollars in India
- GST ISSUE OF INPUT AND OUTPUT GST
- Tax rate change regarding
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
