Income tax for Multiple Source Of Income

ITR 4

giving car on hire is business and you are liable to pay service tax also, for rent a cab services

Obviosly ITR 4

The head of income- Profits and Gains from Business or Profession.

You can claim depreciation, driver's salary, fuel expenses, Repairs & Maintenance etc.  as expenditure.

Thanks Mr Paras for your reply. When you say - "You can claim depreciation, driver's salary, fuel expenses, Repairs & Maintenance etc. as expenditure." - Is there any fixed amout defined in income tax rule which could be considered as profit from this business. Or any fixed amout that can be claimed. What I am more interested - Can I avoid preparing balance sheet.

Hi,

Kindly help,

Is notice pay taxable? for e.g.

if old employer has deducted tax on the salary and then recovered notice period from employee.

Is it taxable to employee if the same paid by new employer? Is it called as reimbursement.

 

Regards,

Jitendra

Old Employer

Salary @ Rs 20000/ p m.

Salary for 9 months  180000/- (TILL 31.12.2010) and Tax is deducted.

On 1.1.2011 employee resigns without giving required Notice of 1 month to the company

In this case Notice pay of   Rs. 20000 is deducted by the old employer.

NEW EMPLOYER :

New employer reimburses Rs 20000/ to the employee towards Notice Pay Salary which was deducted by the old employer. 

So in this situation, the employee gets nothing extra.

On such reimbursement the present employer should not deducted tax.