Hi Sir,
An Individual having a car attached to the IT company and generated the income 5 lakhs for the financial year, he also have expenses such as salary to driver, fuel cost and Depreciation.
However he doesn't maintain any books of accounts and IT company declared all his income as Income from other sources to Income tax (Viewed the information from form 26AS of an Individual).
He received a notice from Income tax, After all his expenses he earned profit less than 2.5 Lakhs.
Can I treat his Income as Presumptive Income in ITR 4 and show nil tax basis on the gross receipt concept.
(Or)
Can I show this as Income from other source, and please confirm me U/s 57 which sub section I can avail the deduction and how much I can avail?
CAclubindia
