Mr. Naveen is engaged in the business of plying, hiring or leasing goods carriages and owned 1 heavy goods vehicles during the previous year 2016-17. His actual income per goods vehicle per month is more than Rs. 7,500/-. In this case he can declare income prescribed under section 44AE.
He has hired the said vehicle to Govt departmental Office on contract basis for one year i.e Apr 16 to Mar17and Received a sum of Rs.218890/- contract reciept against vehicle hire and Department has deducted tax at source Rs.3124/- u/s 194C,for AY: 2017-18.
Is he required to declare income Rs.90000 u/s 44AE only or
Rs.17511 [8% on Rs.218890] U/s 44 AD or
in both category.
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