Section 44AE
This query is : Resolved
15 March 2010
A assessee receiving a salary of Rs.25000/- p.m is only source of income, perhaps he aviled a car loan of Rs. 650000/- and bought a new car and gives the car running on hire at a monthly hire charges of for Rs. 25000/-.
Query:
1. Whether the one car running on hire is taxable on presumptive basis u/s 44AE? if yes, it is mandatory for the assessee to register his proprietory business and obtain a PAN?
2. Rs. 25000 p.m is actual hire charges recieved by the assessee, whether this should be taxable or Rs. 1250/- p.m. U/s 44AE taken into account?
3. If assessee shows his hire income under other sources and claim related expenses, it is permissible?
Query:
1. Whether the one car running on hire is taxable on presumptive basis u/s 44AE? if yes, it is mandatory for the assessee to register his proprietory business and obtain a PAN?
2. Rs. 25000 p.m is actual hire charges recieved by the assessee, whether this should be taxable or Rs. 1250/- p.m. U/s 44AE taken into account?
3. If assessee shows his hire income under other sources and claim related expenses, it is permissible?
15 March 2010
one car running on hire is taxable on presumptive basis u/s 44AE.
It is not mandatory for the assesses to register his proprietary business and obtain a PAN if his taxable income is less then basic exemption limit ie 1,60,000/-.
your income in u/s 44AE is - 3150*12=37800/- but u have salary income also because of that u/h PGBP show income of Rs. 37,800/-. if you want to show below income then u want to prepare books if A/cs and Tax Audit.
If u want to show IOS it's not permissible as per my opinion.
It is not mandatory for the assesses to register his proprietary business and obtain a PAN if his taxable income is less then basic exemption limit ie 1,60,000/-.
your income in u/s 44AE is - 3150*12=37800/- but u have salary income also because of that u/h PGBP show income of Rs. 37,800/-. if you want to show below income then u want to prepare books if A/cs and Tax Audit.
If u want to show IOS it's not permissible as per my opinion.
17 March 2010
Since the assessee recieves actual hire charges Rs. 25000 p.m, in this case whether actual receipt amount should be taken or it can taken on presumptive basis ie., Rs. 3150 p.m
17 March 2010
assessee recieves actual hire charges Rs. 25000 p.m is not imported because of no expense and dep. is allowed, so this case actual receipt amount should be not taken.
It can taken on presumptive basis ie., Rs. 3150 p.m
It can taken on presumptive basis ie., Rs. 3150 p.m
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- 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
