Tax on car rental

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prajapath.s.k.

prajapath.s.k. (Querist)
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09 March 2012 An individual who earns income from renting two cars to travel operators,his annual income is less than 60 laks.if return filed under 44ad than he has to declare more than8% of annaul income as taxable income.but his income shows negative after deducting emi, dep & other exp. more over the travel operator has deducted the tds. what would be the remedy

Guest

Guest (Expert)

10 March 2012 In case you adopt the presumptive taxation then no expense like depreciation, other exp., etc will be allowed. For tax deducted you can claim refund if tax deducted is more than the tax liability.

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