Which itr is applicable for rant a cab owner for it filing?

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PRABU K (Querist)
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23 February 2014 Dear Sir / Experts,

I am the owner of the Rent a Cab Business to Corporate Sector. In my company Many Cab Owners working on a rental basis and we have paid the amount of actual working basis.
I am Deducting TDS against the cab owner u/s.194c, so that, the Cab Owners need to file the Income Tax Return.

Kindly help me, Which is ITR is applicable for filing? what are the deductions allowable? Is sec.44AD or 44AE applicable?

Thanks & Regards....

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2014 44ae is for good carriage...you need to use ITR4/ITR4s depending upon the turnover..

PRABU K

PRABU K (Querist)
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23 February 2014 Thanks... Nikhil Kaushik.

Total Turnover of the Cab Owners is maximum upto Rs.20,00,000.
Example:
Turnover of the year Rs.8,45,000/-
Expenses Relating to cab Rs. 4,25,000/-
G T Income is Rs. 4,20,000/-
Deduction 80C Available Rs.15000/-
Tax on Income is Rs.21,115/-
TDS Deducted is Rs. 8450/-
Tax Liability is - Rs.12665 /- Whether it is correct or not?

kindly tell me......

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2014 well if it is so, then you can use 44AD also, resulting in profit only at 8% under 44AD thus thereby nil tax liability

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