Dear Sir,
A proprietary business having income from Car Rental Business and against tds is deducted under sec 194c .
So he can get the benefits of presumptive Income and file the ITR -4s and ITR-4 for the year 2016 ,2017 respectively?
Thanks in Advance .
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Income from Car Rental Business
Replies (3)
yes .. there wouldn't be any restriction in doing so. Make sure for ITR-4S for FY:15-16 your turnover doesn't exceed 1 Cr
and FY 16-17?
Dear Rakesh,
Under the presumptive scheme, the maximum Turnover limit of INR 1 Crore shall be applicable up to FY 2015-16, and after that, the limit has been increased to INR 2 crores. Hence, in FY 2016-17, The limit of Turnover s INR 2Crores.
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