Sir , if someone let out their car to a contractor on fixed monthly rent of Rs.30000/- plus extra kilometer n overtime hrs. So, firstly i want to ask which itr have to file n which deductions allowed to him, as their are many expenses , i.e., petrol , insurance , depreciation n repair n maintainance
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Car rental income
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For AY 2017-18, you can choose ITR3.
Prepare profit & loss account, where in deduct all the expenses related to the business, including depreciation.
Finally arrive at Balance sheet. & fill in the form
thanks for ur suggestion and tell me one more thing sir, how to calculate depreciation?? means on which method
Sir,
that person only have one car on rental + km + hrs basis, So , if he file ITR 3 , which code does he mention in business tap ??
and is he really require to maintain balance sheet and p & l
Business code 0714 service sectors others.
If your total profits after deductions of all expenses arrives at 8% or more of the total receipts, no need to provide BS & P&L accounts.
Sir, how to calculate depreciation of car, means from which method and how
As per income tax act, for cars used as taxi depreciation rate is 30% of WDV.
Sir,
if the value of depreciation exhausted , So, one can't claim depreciation.
Sir, my client has hired his car to OLA and got 194c income from them..I want to know which itr to be filed and what business code to be given for this? Further to tell he is already a salaried employee comes to the bracket of 20%slab...Will any one can advise on this?
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