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ITR Filling

11 December 2019

Dear Expert,

I am doing truck service and my total income was 7 L which ITR i have to use... do I need furnish BS and P & L?

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5 Replies

sabyasachi mukherjee (26057 Points)
Replied 11 December 2019

@ to
sole proprietor business
send me your details at sabyasachimukherjee7098 @ gmail.com.

Kapadia Pravin (17249 Points)
Replied 11 December 2019

Vijith, query with insufficient details.

Rajan Kumar (55 Points)
Replied 11 December 2019

@ T k Vijith

if you are engaged in playing hiring of vehicles and you have own truck not more than 10. Than you may file ITR 4 u/s 44AE (Under presumptive Taxation Scheme ) and show income of rs. 90,000 p.a. for single truck. OR
You may file ITR 3.

you need not file BS and p&l complete but some essential information you need to put in ITR. like capital, loans , creditors, fixed assets, debtor and cash & bank balance.

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Shailesh Shinde and Associates (C A PORTFOLIO MANGEMENT CONSULTANTS) (180 Points)
Replied 12 December 2019

Ffile ITR 4 u/s 44AE (Under presumptive Taxation Scheme ) and show income of rs. 90,000 p.a. for single truck.
OR
You may file ITR 3. you need not file BS and p&l complete but some essential information you need to put in ITR. like capital, loans , creditors, fixed assets, debtor and cash & bank balance.

C A Professionals & Team

CA Arun Tiwari (Partner) (4230 Points)
Replied 13 December 2019

Eligible taxpayer and eligible business for the purpose of the presumptive taxation scheme of section 44AE

The provisions of Section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.).

The presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year

ITR 4 is required to be filed that exempt the small taxpayer to maintain books of accounts .Provided small Taxpayers having income not exceed 2 crores will not be eligible to file ITR 4

So here Truck service Taxpayer can opt ITR 4.