RENT RECEIVED FROM VEHICLE HIRED BY COMPANY
This query is : Resolved
18 May 2024
DEAR SIR,
MY CLIENT OWNED HEAVY GOODS VEHICLE (16WHEELS) AND ATTATCHED TO THE COMAPNY. THE COMPANY DID NOT DEDUCT TDS U/S 194C BUT IN FORM 26AS SHOWING BUSINESS RECEIPT OF RS 64300. BUT AS PER SECTION TDS SHOULD DEDUCTED IF THE CONTRACT BETWEEN THE CLIENT AND COMPANY. IS THERE ANY PROBLEM TO CLIENT OR NOT
MY CLIENT ALSO DOING OTHER MAIN BUSINESS PHOTOGRPHY AND VIDEOGRAPHY.
THE INCOME FROM CONTRACT HIRED FROM THE COMPANY SHOULD BE DECLARED IN OTHER SOURCE OR BUSINESS INCOME.
PLEASE GUIDE ME
MY CLIENT OWNED HEAVY GOODS VEHICLE (16WHEELS) AND ATTATCHED TO THE COMAPNY. THE COMPANY DID NOT DEDUCT TDS U/S 194C BUT IN FORM 26AS SHOWING BUSINESS RECEIPT OF RS 64300. BUT AS PER SECTION TDS SHOULD DEDUCTED IF THE CONTRACT BETWEEN THE CLIENT AND COMPANY. IS THERE ANY PROBLEM TO CLIENT OR NOT
MY CLIENT ALSO DOING OTHER MAIN BUSINESS PHOTOGRPHY AND VIDEOGRAPHY.
THE INCOME FROM CONTRACT HIRED FROM THE COMPANY SHOULD BE DECLARED IN OTHER SOURCE OR BUSINESS INCOME.
PLEASE GUIDE ME
18 May 2024
Must have been Vehicle Hire Contract.
18 May 2024
Thank you Sir for your reply,
Hire charges received from the company is taxable under business head or other sources because he is doing video and photography for marriage and functional accassions or if declared u/s 44ae of presumptive taxasation but he is not doing transport business only renting his vehicle.
I want your suggestions
regards
Hire charges received from the company is taxable under business head or other sources because he is doing video and photography for marriage and functional accassions or if declared u/s 44ae of presumptive taxasation but he is not doing transport business only renting his vehicle.
I want your suggestions
regards
18 May 2024
He can declare it under Business head.
18 May 2024
THANK YOU SIR FOR YOUR REPLY,
HE HAS TO DECLARE BUSINESS 1 PHOTOGRAPHY AND BUSINESS 2 AS HIRING CHARGES RECEIVED FROM THE COMPANY.
HE CAN ALSO DEDUCT EXPENSES LIKE REPAIRS AND MAINTANANCES, LOAN TAKEN ON VEHICLE, OIL AND DIESEL EXPENSES, BECAUSE MONTHLY HE RECEIVED HIRING CHARGES RS 65000/- MONTHLY HE HAS PAYABLE EMI 53178/- ONLY INTEREST IS DEDUCTABLE EXPENSES.
REGARDS
HE HAS TO DECLARE BUSINESS 1 PHOTOGRAPHY AND BUSINESS 2 AS HIRING CHARGES RECEIVED FROM THE COMPANY.
HE CAN ALSO DEDUCT EXPENSES LIKE REPAIRS AND MAINTANANCES, LOAN TAKEN ON VEHICLE, OIL AND DIESEL EXPENSES, BECAUSE MONTHLY HE RECEIVED HIRING CHARGES RS 65000/- MONTHLY HE HAS PAYABLE EMI 53178/- ONLY INTEREST IS DEDUCTABLE EXPENSES.
REGARDS
18 May 2024
Yes, correct.
TDS will be deducted once the rental income exceeds Rs. 2.40L.
TDS will be deducted once the rental income exceeds Rs. 2.40L.
18 May 2024
THANK YOU SIR FOR REPLY,
COMPANY IS LIABLE DEDUCT TDS FROM HIM, SO HE DEDUCT EXPENSES AND INCOME FROM THE VEHICLE IN THE ITR
REGARDS
COMPANY IS LIABLE DEDUCT TDS FROM HIM, SO HE DEDUCT EXPENSES AND INCOME FROM THE VEHICLE IN THE ITR
REGARDS
18 May 2024
Yes, Correct. All the expenses incurred to derive the income.
18 May 2024
THANK YOU SIR FOR ALL YOUR REPLIES,
REGARDS
REGARDS
18 May 2024
You are welcome.
11 July 2025
Dear Sir,
one of another client owned 2 light weight carriage vehicle 8 tonn and 10 tonn, his total rental income from vehicle upi receipts gross 17,55,157/- how to calculate his income opt for u/s 44ae or business head u/s 44ad
thank you sir
one of another client owned 2 light weight carriage vehicle 8 tonn and 10 tonn, his total rental income from vehicle upi receipts gross 17,55,157/- how to calculate his income opt for u/s 44ae or business head u/s 44ad
thank you sir
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