Income tax for truck owner

Please submit your PAN to the payer. Otherwise 20% TDS will be deducted.

If u submit PAN, no tds will be deducted.

If u r owner of 10 or less than 10 goods carrieges then ur income shall be computed as follows

Heavy Goods Vehicle(Gross weight exceeds 12000Kgs) : Rs. 5000 for every month or part of the month

Other Vehicle : Rs. 4500 for every month or part of the month

U r covered under presumptive taxation scheme, so no expenditure can be claimed against this income. All expenses have been deemed to be taken care of..

ITR 4S(sugam) is applicable.

Hi Bhaskar,

Providing your PAN would save you tax deduction at source at a higher rate of 20%. If you provide the same, they won't deduct any amount.

Pt. 2, you can opt for Presumptive Taxation Scheme u/s 44AE wherein income from heavy vehicles is Rs. 5000 p.m. per truck and for light vehicles it is Rs 4500 p.m. per truck upto maximum of 10 trucks.

Also, the gross income can be considered as well.

In that case, you have to file ITR-4 for the yeat as it will be treated as business income.

Regards

Prateek

well explained pritham bhai!

Thanks Prateek and Pritam..!!

One more question as of my last year income from the truck was around 2.45L and the income tax slab was 1.8L so do I need to pay income tax on that (around 65K) ?

Pritam can you please elaborate  "no expenditure can be claimed against this income. All expenses have been deemed to be taken care of.."

Also is there any provision as of I am paying the salary of around 5000 per month to truck driver (excluding OT) 

Do I need to maintain record of the salaries I paid to driver? Can I have exemption on that?

 

Thanks once again..

Hi Bhaskar,

There is no need to consider your receipt from Transportation buss as it is already covered in the above mentioned provision and therefore there is no need to take deduction of expnditure i.e. driver's salary etc.

Your Income of last P.Y. will be Rs.5000*12=60,000/- which is your deemded total income

then u can take deduction under VI A i.e LIC, Mediclaim etc.

"the expenditure deemed to have claimed" means Your Total Income which is Rs.5000 p.m. per truck is on a presumtive basis as per IT act u/44AE. Which has no relevance as to how much u have actually earned and how much expenditure u have actually made against this. 

Hope I have answered....

Any doubts still feel freeeeeee to share.....

Happy to help...

Regards

Thanks once again Pritam for guidance..!!

i have own truck and  also have business income so what should i do ??? please suggest. i want to show in normal scheme.

Hi, My father have a truck. We pay Truck EMI RS. 37,571 every month to a private finance company ( Chola Mandalam). My father bank account yearly transaction is over Rs 8,00,000. In this transaction we pay EMI, Diesel Bill, Road Highway Tolls, Other Truck maintenance Expanses, Truck Permits and Road Taxes. We only save few thousand Rupees here. Our truck is registered as 31 TON, But can Legally carry 21 Ton. Can you advised here.