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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Reporting of STCG on Property in ITR
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
CAclubindia
