Tds on rent
This query is : Resolved
08 May 2014
hi.i am rahul.
I provided bank with a vehicle, on rent. Total rental for the year comes out to be around 8 lakh. Bank deducted my TDS @ 2%. now i want to know under which head i will show this income and what will be the proper way to show in books
i don't maintain books of account.
rgds
I provided bank with a vehicle, on rent. Total rental for the year comes out to be around 8 lakh. Bank deducted my TDS @ 2%. now i want to know under which head i will show this income and what will be the proper way to show in books
i don't maintain books of account.
rgds
08 May 2014
If letting out of vehicle is your occupation, show the income under 'profit and gains of business or profession'.
If it is a temporary affair and an isolated transaction, income can be offered under the head 'income from other sources'.
If it is a temporary affair and an isolated transaction, income can be offered under the head 'income from other sources'.
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