Type of return to be filed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2012
One of my friends is a salaried person. He himself hires cars on rent and hires them for rent. He earns income out of this activity and he incurrs expenses of revenue nature for this activity. Whether this activity is in the nature of "Business" or "Income from other Sources"? Accordingly, which type of return should he file? A Salary Return or a Business Return?
CA PARAS BAFNA
(Expert)
24 January 2012
This should be considered as business activity. You have to show income after claiming depreciation and so called revenue expenses from the Gross receipts from Hiring the Cars. He can opt Section 44AD also, unde rwhich he has to show 8% of Gross Receipts ( Gross Receipts Should be less than 60.00lacs).
ITR 4S, can be filed. If his GR exceeds 60.00 lacs Tax Audit will required to be conducted and ITR 4 will be applicable.
ITR 4S, can be filed. If his GR exceeds 60.00 lacs Tax Audit will required to be conducted and ITR 4 will be applicable.
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